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

Summary:
[unable to retrieve full-text content]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.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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[unable to retrieve full-text content]
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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