China's ever distorted real estate market

Hangzhou moves to rein in land prices
According to a report by House China, an online property news agency, the local government will stop the bidding when the bid for a site reaches a level that is 49 per cent higher than the opening bid. Then the bidders will have to bid with the floor area they are willing to provide for building subsidised housing on the site. The developer that allocates the most floor area for subsidised housing would win the site.

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