and approval beyond limits of authority for subdivided tracts of land shall be allowed. The scale of urban construction shall be strictly controlled and the use of land shall be carried out economically. Land set aside for growing vegetables and land in protected areas of basic farmland shall not be used for developing deluxe real estate projects. With regard to land transfers, the transferee shall carry out development and construction in strict accordance with specified time limits provided in contracts, and failure to begin development within the time limit specified by law will result in non-compensated withdrawal. Administration of land prices for transferred land shall be strengthened, and land used for deluxe real estate development projects shall all be supplied by tender or by auctions.
5. Administration of the collection and use of proceeds from land transfers shall be standardized. Proceeds from land transfers are considered as special funds and shall be included in the financial budgets by financial administration departments at various levels. Such funds shall be administered in a planned manner with the receipts and expenditures separated and the principle of special funds for special use. 50% percent of the proceeds from land transfers in medium and large cities in coastal areas, and 30% of the proceeds from land transfers in other areas must be included in local finances and shall be mainly used by provinces, autonomous regions or municipalities directly under the Central Government for agricultural and key construction projects, with the rem
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