On December 1, 1987, Shenzhen auctioned the right to use a plot of land, the first auction of land use rights in the People’s Republic. The plot measured 8,588 square meters. The right ran for 50 years and sold for 5.25 million yuan.
On April 12, 1988, the National People’s Congress amended the Constitution to say that “the rights to use land can be transferred in accordance with the law.”