Nanjing Online Land Auction Fails to Cool Market

"I will participate in the lottery, gamble." Zhu Rui Jingrui estate investment manager, the day after the end of the online auction, which said in an interview with reporters. The developer's land auction, a total of 42 competitors lottery, the winning probability of 2.5%.

...20, Nanjing Land and Resources Bureau to come up with seven residential plots, all suffered berserk. A place to hang out in just 3-5 minutes, there are one hundred bids quickly "explode top", which means, in the auction "fuse" wait Yaohao the same time, this piece of land had already requested the existing home sales.

Had "Instinct" people buy lottery grab housing developers, it is now reduced to a lottery to buy the helpless fate even more tragic. For developers, only to drop heavily to buy land at present, the future financial pressure to sell existing homes are also much larger than sell Forward House, almost regardless of cost crazy "land grab."

"On one hand, the supply of land in Nanjing this year is relatively small;.. On the other hand, the housing market boom in Nanjing, making the country's developers and the influx of hot money have attempted a share demand exceeds supply, the price will certainly Xiabu Qu" as in April this year only "desperate" to get access to the market in the field of housing prices in Nanjing, Zhu Rui said Jingrui now "every inch" and similar ideas for new developers are not a minority.
The article concludes that Nanjing may need to introduce strict buying restrictions if it wants to cool the market.

Huanqiu: 南京土地"网拍"全部冲破最高价 开发商将摇号抢地

SCMP has coverage: Nanjing ‘land lottery’ a first for China’s soaring property market

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