Authorities in Dongguan, a major manufacturing hub near Shenzhen, have changed the way land auctions are carried out in a bid to cool the sizzling market.It comes after a flurry of aggressive bidding wars involving developers desperate to get a foothold in the Greater Bay Area drove Dongguan’s land prices to unprecedented levels in the first five months of the year.Under the new mechanism, instead of awarding the land to the highest bidder, it will go to the developer whose offer is closest to…
Source : South China Morning Post
Read more…Can the ‘world’s factory’, Dongguan, tame its runaway land prices by changing auction rules?
