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

Name: SCMP
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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

Summer Zhen

Published: 8:28pm, 13 Dec, 2016

Updated: 8:46pm, 20 Jul, 2018

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 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.