Chavez announces plans for 'collective property'

President Hugo Chavez announced Sunday that his administration's sweeping reforms toward socialism will include the creation of "collective property." Vowing to undermine capitalism's continued influence in Venezuela, Chavez said the government was "advancing quickly" with a concept of "social, or collective, property" to be included in forthcoming constitutional reforms. "It's property that belongs to everyone and it's going to benefit everyone," said Chavez, speaking during his television and radio program "Hello President." Chavez did not elaborate, but he stressed that collective property must benefit workers equally.