Land auctions fail in China

The real estate slowdown is picking up pace in China. More China Land Auctions Failing
On Nov. 2, 11 plots of land in Jinan were put up for auction, of which nine fell through because there were no bids. The remaining two were sold at a low price, Xinhua said, adding that the nine plots were for zoned for mixed residential and commercial use. Chengdu recently put up five land plots for auction, out of which two bids fell through and the remaining were transacted at low prices, Xinhua noted. In Nanjing, there were 16 plots put up for auction in October. Seven transacted at low prices, another seven auctions were delayed, while one fell through. Only one transacted at a marginally higher price than the starting bid, Xinhua said.

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