16 January 2019

Beijing cancels land auction as interest soars, website says

Beijing has called off an auction of a piece of land scheduled for Thursday without explanation, news website reported Wednesday, citing an official statement. The site, which covers 20,664 square meters and with a floor area of 117,700 square meters, is in Xicheng district. It had attracted more than 70 bidders at a starting price of 3.55 billion yuan (US$584.24 million) before it was pulled from the market. The local government gave no reason for the withdrawal but it might have been due to concerns about a potential spike in home prices after the local government eased a price cap earlier this year, the report said. The winning bid could have set a new record for the city, it said.

– Contact HKEJ [email protected]



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