How Local Governments Rig the Land-Use Game

Real estate developer Century Golden Resources Group bought a 371-hectare swathe of forest, cow fields and crops managed by the Yunnan Province city of Tengchong for less than 52 yuan per square meter.

Within two years of that 2008 purchase, the land's value had skyrocketed, and vacationing golfers from far-away cities were teeing off at Century Golden's new club and villa resort.