A view of Shanghai during its recent lockdown. About 60 per cent of China’s top 100 developers have not bought a single piece of land in the first five months of this year, according to one of China’s largest real estate brokers. Photo: Bloomberg
A view of Shanghai during its recent lockdown. About 60 per cent of China’s top 100 developers have not bought a single piece of land in the first five months of this year, according to one of China’s largest real estate brokers. Photo: Bloomberg

Major Chinese cities see more land auctions being scrapped, as broke developers hobbled by ‘three red lines’ stay away

  • The average auction scrapping rate is 17 per cent for 20 cities that have finished their first round of land sales, rising from 6.5 per cent last year
  • Developers are hesitant as they are unsure about the housing market in the short term and because they do not have much to spend, analyst says