Home | China | World | Business Province Moves to Deal With Unfinished Projects SUN, FEB 24, 2002     A power company from Shenzhen City, Guangdong Province, recently purchased by auction and for 38 million yuan, the half-built Meihua Tower, in Haikou City, the capital of Hainan Province. An official from the power company said the deal was a bargain.The company plans to spend another 50 million yuan to complete the project. According to local official sources, the power company's bargain buy is the result of efforts made by local government to deal with real estate projects which have been left unfinished for various reasons, The central government has made Hainan, the southernmost island province, a pilot province in which to tackle the problem and to set a model for other provinces and municipalities which also have the same problem. Hainan has over 400 uncompleted real estate projects, with floor-space of over 12 million sq.m., 30 million sq.m. of land and with a financial input of 14.9 billion yuan. Bank loans have contributed more than 70 percent of this finance and many of the projects are holding back the local economy. The local government has issued special policies and has established special agencies to help the owners of these properties quit their unfinished projects through auction or public bidding. Editor:Guan Source:Xinhua Recommend to your friend email:    China Central Television,All Rights Reserved