Beijing lowered the price of two parcels in eastern Chaoyang district by 15 per cent. Photo: AFP
Beijing lowered the price of two parcels in eastern Chaoyang district by 15 per cent. Photo: AFP

Major Chinese cities cut land auction prices by up to 20 per cent to lure cash-strapped developers amid market gloom

  • Beijing, Hanghzou and Shenzhen are among the cities to have cut the reserve prices of land parcels going under the hammer
  • Almost a third of the 700 plots across China that went on sale since September had to be withdrawn because they failed to generate enough interest from developers

Beijing lowered the price of two parcels in eastern Chaoyang district by 15 per cent. Photo: AFP
Beijing lowered the price of two parcels in eastern Chaoyang district by 15 per cent. Photo: AFP
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