China Cities Ease Land Bidding Rules as Property Stress Spreads
- Some are relaxing payment requirements for developers bidding
- Land market remained subdued in October, official data show
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Some Chinese cities have relaxed rules for land sales after cash-strapped developers became reluctant to bid, threatening the biggest revenue earner for local governments.
Several large cities including Shanghai and Nanjing have announced details of land sales plans in December, offering more plots than those in the last round, the official Securities Times reported. Some eased transaction requirements for developers, such as by reducing deposits ahead of bidding or refraining from asking for full payment within a month, the newspaper reported.