This provision is the most authoritative definition of the concept of land use right allocation at the legislative level so far.
Transfer of allocated land
1. If the right to use state-owned land obtained by allocation needs to be transferred, it shall be reported to the people's government with the right of approval (generally the people's government of the city or county where the land is located). If the transfer is granted, the transferee shall go through the transfer formalities and pay the land transfer fee. The minimum payable transfer fee shall not be less than 40% of the land price.
2. Article 12 of the Provisional Regulations of the People's Republic of China on the Assignment and Transfer of Urban State-owned Land Use Rights stipulates the maximum assignment period of land use rights for different purposes: 70 years for residential land; Industrial land for 50 years; Education, science and technology, culture, health and sports land for 50 years; Commercial, tourism and entertainment land for 40 years; Comprehensive or other land use for 50 years. Therefore, the service life of specific plots is stipulated in the land transfer contract according to the above provisions, not necessarily 70 years.
3. After transferring the allocated land, the transfer period shall be calculated from the date of signing the transfer contract.