On November 27, 2008, the Shanghai Municipal Government issued the Decision on Revision of the Measures for Land Use Right Grant/Transfer (the "Decision"), effective January 1, 2009. The Decision, among other actions, abolishes the levy of land use fees, the amount of which, with respect to a particular parcel of land, would have been 1 RMB per square meter, multiplied by the total area of the land, payable annually throughout the use term of such land. The abolishment of land use fees will have the effect of lowering the cost of land users located in Shanghai.
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