New Town Development Act Article 16

When the authority sells or leases the lands through tendering pursuant to Article 8, the investors shall submit investment plans to the authority for examination, and may participate in bidding only after the plan is approved.After acquiring a piece of land by biding, the investor shall immediately carry out construction according to the time schedule as described in the investment plan. The authority shall perform inspections at fixed or flexible time according to the investment plan. Once it is found that construction is not carried out in accordance with the schedule or the progress is behind schedule, the authority shall notify the investor to improve within 3 months.Where there are due reasons for failure to improve within the specified time limit, the successful bidder shall explain the reasons to the authority to apply for postponement, and the term of postponement may not exceed 3 months.The successful bidder may not resell, sublease or set the burden for any part of or the full buildings or lands prior to completion of construction. In case of infringement of the foresaid provision, the contracts of resale, sublease or setting burden will become invalid.The principles for examining investment plans as mentioned in the first paragraph shall be prescribed by the central authority.