14 November 2019

Shanghai lifts bidder thresholds for land auctions, paper says

Shanghai authorities have raised the deposit requirement for land auction participants to 40 percent of the total contract value from 20 percent, China Business News reported Wednesday, citing several local developers and sources with knowledge of the matter. The move is among other efforts to lift the thresholds for land bidders, analysts were quoted as saying. The new rules will mean that only top developers that fulfill comprehensive criteria in both business performance and technical qualifications will be allowed to participate in the auctions. Such adjustments in land auction will only be adopted for commercial plots right now, the report noted.

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