China has taken its battle against property speculation to the country’s amusement parks, announcing a ban on the construction of large theme parks.
The National Development and Reform Commission (NDRC), China’s top economic planning agency, has halted the construction of locally approved parks expected to cost more than Rmb500m ($78m) or covering more than 20 hectares.
As Chinese consumers have seen disposable income rise rapidly in recent years, Chinese developers have responded with a proliferation of new theme parks, many of them approved only by local governments, which rely heavily on land sales to cover mounting debts.
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