The unprecedented economic growth in China has created a huge demand for urban land. Since the central government enacted the Regulation for Conveyance of State-Owned Land through Bidding, Auction, and Post in 2002, an urban land market in each city has been officially established and the right to urban land use for commerce, tourism, entertainment, and residence must be conveyed through the open market mechanism. Meanwhile, restrictions on mobility have been gradually lifted and many rural residents have been encouraged to migrate to urban areas to look for opportunities. As a result, market forces have shown increasingly significant influences on urban land allocation and urban land use pattern has started to reflect not only government planning but also the equilibrium of market forces.
One of the Top Ten state level Economic Development Zones with the highest investment potential in China is Changsha, capital of Hunan province.
Changsha National Economic and Technical Development Zone (CETDZ), established in 2000, continues to attract investments to finance 195 projects, which include an airport and subway lines and will take several years to complete. One of the planned projects is Sky City (天空城市). If it is built as planned, Sky City would be the tallest building in the world, with 202 floors and a total height of 838 m (2,749 ft). Sky City would cost RMB 9 billion ($1.46 billion) to build. The zone attracts many foreign investments, such as Mitsubishi Motor, NEC, Bosch, Philips, LG, Coca-Cola and Pepsi. Major industries in the zone include machinery processing and manufacturing, electronics and information, building materials, food and beverage, and printing.
With beautiful scenery and a booming economy, Changsha, an open city, is full of hope and progresses towards modernization.