China's Guangdong province, the country's richest, will auction off for 50 years uninhabited islands for tourism, transportation and trade purposes, a report said on Wednesday.
Starting next year, Guangdong will sell its islands for tourism, transportation, trade, warehouse and industrial development through a public bidding process, said Bai Hua, director of the Waters Administrative Department under the Guangdong Provincial Bureau of the Ocean and Aquatic Products Industry.
The government is drafting detailed laws to guide the development these islands, the China Daily reported. "The new regulations will be introduced and come into effect in January," said Bai.
The buyers will include both domestic companies, individuals and Sino-foreign joint venture companies that are controlled by Chinese firms, At present, foreigners are not allowed to bid.
All the investors have to hand over detailed development plans, involving environmental and ecological protection measures, before they bid for the islands.
No military facilities will be allowed on these islands.
Guangdong, in south China, has the country's longest coastline and a total of 1,434 islands, of which more than 90 per cent have no residents at all.