Lands of the following descriptions shall not be transferred or leased to foreigners, nor may encumbrance on them be created in favor of foreigners:
(1)Forest lands.
(2)Fisheries.
(3)Hunting grounds.
(4)Salt fields.
(5)Lands with mineral deposit.
(6)Sources of water.
(7)Lands lying within fortified and military areas and lands adjacent to the national frontiers.
The transfer referred to in the preceding paragraph shall not include the acquisition of land through inheritance. But the said land shall be disposed of to Chinese nationals within three years after the completion of the registration of inheritance. If the land is not duly disposed of within this time limit, the competent Special Municipal or County (City) Administration Agency shall transfer it to the National Property Bureau for public tendering. The procedure for public tendering provided by Article 73-1 shall, mutatis mutandis, apply.
The provisions referred to in the preceding paragraph shall, mutatis mutandis, apply to the acquisition of land, listed in (1) to (7) above, through inheritance before the revision of this Act, where the registration of inheritance has not yet been completed.