Major Chinese cities cut land auction prices by up to 20 per cent to lure cash-strapped developers amid market gloom

Major cities in China are slashing the price of land they are auctioning off in an effort to attract bids from cash-strapped property developers facing a market downturn.Beijing put 12 parcels of land on the market on November 19, including two in eastern Chaoyang district with a combined reserve price of 4.8 billion yuan (HK$5.9 billion), 15 per cent lower than they were priced in September.The two plots failed to find buyers at the last auction in September, when they were offered as one…

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