The partner might contribute land use rights, buildings and some equipment but never cash.
Chinese partners might inject buildings, equipment or what may have appeared at the time to be overvalued land use rights, but never cash.
Government officials in both countries have enormous influence over contracts and procurement, development and infrastructure projects, loan approvals, real estate transactions, land use rights, and preferences in regulated industries.
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In 2006-10 across China they sold land-use rights to over 22, 000km2 of land, an area the size of New Jersey.
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New World says it is the biggest foreign holder of land-use rights in China.
In Vietnam, the state owns all the land and grants land-use rights to farmers, businesses and home-owners.
They griped about unclear land-use rights and how officials deny them access to the state forests nearby.
Ownership could be challenged, but critics worry that it would be difficult to do so for former state-owned assets or for land-use rights that had been sold off in shady deals.
Peasants have been legally trading land-use rights for years.
The extension and clarification of land rights would enable more productive use of that land and make it available as collateral to attract financing.
In the delta, General Obasanjo is unpopular, because people remember his 1979 land-use law which gave all mineral rights to the state and, in their eyes, deprived them of revenue from the oil beneath their farms.
If so, the land legally belongs to Adam, but the government has certain rights over its use.
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