Chinese cities tighten rules for land auctions to curb speculation, rein in rising land prices

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Several Chinese cities including Guangzhou and Hangzhou have tightened rules for land auctions in a move to curb speculation and rein in rising land prices.

China's top cities early this year adopted a centralised land-sale system, in which, they limit the number of land auctions a year to three times while increasing land supply for bidding at each auction. The move was aimed at creating a fairer competition environment and curb price premium, industry insiders had said.

However, the first round of centralized land auctions saw high price premium and top developers snapping . . .

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