China Quietly Pivots From Land Sale Limits to Stem Housing Slump
- Cracks are showing on a 2021 rule capping auction numbers
- Local governments need to find revenue as debts come due
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China is quietly moving away from rules restricting land sales by local governments, its latest effort to revive the housing market and boost income for debt-laden cities.
Authorities introduced the rules in February 2021, limiting key cities to just three land auctions a year in a so-called centralized process that sought to curtail speculative bidding by developers during China’s property boom days.