Property News · May 24, 2017

How China’s most contested land auction drove developers into a frenzy


Luck mattered more than money for hundreds of property developers who bid on eight plots of land put up for auction by a local government, in a frenzied scene in China’s real estate market.
At least 400 developers from across the country jammed into a grand theatre in Jiaxing, a small Chinese city nestled between Shanghai and Hangzhou, on Monday for the land auction. It took just five minutes for the first plot of land to hit a ceiling price imposed by the government, requiring the use of…

Source : South China Morning Post
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