土地转让25%投资额限制条件的历史分析与制度创新

Historical analysis and institutional innovation on the restriction of 25%investment in land transfer

1994年《中华人民共和国城市房地产管理法》中关于土地转让25%投资额的限制条件一直备受关注。该条款充分借鉴了香港和深圳的改革经验,在九十年代为维护市场秩序、保障权利人权益、促进产业发展发挥着重要作用。但随着时代的发展,其面临着执行操作性不强、认定主体与认定细则不明确,司法解释待明晰、是否为禁止性规定存在争议,市场主体绕道走、涉地股权交易等隐形市场有风险,因应时代背景变化,应转职能深化市场经济体制改革等现实困境。随着土地要素市场化配置的深入推进,从深圳早期的探索到近几年全国不断深化的完善建设用地使用权转让、出租、抵押二级市场的改革任务,各试点城市从明晰认定细则、摸索交易鉴证服务、完善预告登记服务等方面进行制度创新实践,不断进行创造性的有益探索。

This study analyzed the restriction of 25%investment in land transfer as stipulated in the Urban Property Administration Law of China.The analysis revealed that the legal provisions fully gleaned lessons from the reform experience of Hong Kong and Shenzhen,and play an important role in maintaining market order,thus protecting the rights and interests of obligees and promoting industrial development in the 1990s.However,with the development of the times,it is faced with practical problems,such as the lack of operational implementation,the identification of the subject and the details are not clear;the judicial interpretation needs to be clarified and whether it is a prohibitive provision is controversial;there are risks in the invisible markets such as market entities'detour and land related equity transactions;in response to the changes in the background of the times,we should change functions to deepen the reform of the market economy system.With the further development of market allocation of land elements,several cities have implemented institutional innovation and practice from the aspects of clarifying the detailed rules of identification,exploring the service of transaction authentication,and improving the service of advance notice registration,which are beneficial explorations of creativeness.