Property developers, desperate to acquire land for their projects, have steamrolled a three-step process that Beijing’s government put in to cap land costs, in a sign that the new rules are inadequate to rein in runaway housing prices in the Chinese capital.
Only one of four pieces of land put up for auction this week in Beijing found a winner, as bids from about 20 developers blew threw the first two stages of the process within minutes.
On Thursday, a 183,300 square meter (1.97 million…
Source : South China Morning Post
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