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Chinese real estate developers slowed land acquisitions in September as the authority's tightening rules on homebuilders' debt and leverage have turned them more cautious in acquiring land reserves.
The average price of land sold in the 300 major Chinese cities fell 2 per cent in September from the previous month to 2,621 yuan ($390) per square meter, marking the third monthly decline in a row, according to the property consultancy China Real Estate Information Corp. (CRIC).
Average transaction prices at land auction were 15.2 per cent higher than the reserve prices set . . .
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