It’s rare for the Chinese authorities to withhold a land security deposit for an alleged breach of the rules during the bidding process. Photo: K. Y. Cheng

Shanghai developer CIFI’s over 370 million yuan land bid deposit forfeited by government

Rare punishment for breach of rules at the bidding stage is seen as harsh by analysts, as authorities increase regulation of overheated property market

Topic |   China property

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It’s rare for the Chinese authorities to withhold a land security deposit for an alleged breach of the rules during the bidding process. Photo: K. Y. Cheng
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Summer Zhen

Summer Zhen

Summer Zhen is a business reporter covering the property markets in mainland China and Hong Kong as well as cross-border investments and the financial markets. Born in Shanghai, she holds a master's degree in Journalism from the University of Hong Kong and is a graduate of Waseda University in Japan. She has also studied in the US. A winner in the "Best Young Reporter" category at the 2014 Hong Kong News Awards, Summer previously worked for Phoenix TV and Ming Pao.