A revised regulation aimed at giving land in Shenzhen's high-tech park back to high-tech companies is expected to be approved by the Shenzhen Municipal People's Congress (MPC) today.

The revised version, approved by the municipal government in May, will replace the ongoing regulation enacted in 2001, if it is approved by the MPC.

Developers will no longer be able to buy land from high-tech companies and use it for housing projects, with the intension of making a profit from the price difference between land in the park and other downtown areas.

"After five years' development, there is a limited number of land resources left in the city's high-tech park," said a spokesman for the information office of the municipal government.

"Some developers built real estates inside the park by taking advantage of the favorable land policy, which is initially designed for the high-tech companies."

"The high land price boosted by developers will cost the park's preponderance in attracting those high-tech companies just made a start."

The revised version states that all construction in the park should be related to high-tech projects even if the land is transferred to housing developers. Violators will be forcibly moved from the park.

To avoid abuse of land resources, all transferred construction projects and land will be reassessed by the park's administration office.

Allocated land will be taken back by the government when a high-tech company moves out of the park.

Developers who fail to finish a construction project on time will have to forfeit the land.

The city's high-tech park, established in 1996, is aimed at boosting local high-tech development by offering low-priced land to companies starting business. The park produced some 136.9 billion yuan (US$17.1 billion) in goods and services last year.

Editor: Yan