Hangzhou, the capital city of China’s eastern Zhejiang province, reaped 6.19 billion yuan (US$1.02 billion) from the sale of five land plots on Tuesday, National Business Daily reported Wednesday. The auction of another four sites has been postponed, the report said. The auction result suggests that property developers have become more prudent, an analyst was quoted as saying. New-home sales in the city last week amounted to only 202 units, much lower when compared to the January total of 2,631 units, the report said.
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