China property: more cities have now postponed or cancelled the second batches of land auctions, among the 22 cities under the new rules for land sales. Some are lowering the maximum land prices (with lottery often determining the winning developer), all in a further push to curb the hot markets via administrative controls over land and home prices. Lower land prices allow pushing the caps on home sales prices further down (one of the goals) while preserving the margin for developers.
Shenzhen and Qingdao cancelled the planned auctions with no further details so far. Tianjin postponed till later in September.
Hangzhou, Nanjing, Shenyang and Chongqing postponed the announcement of the second batches of land sales.
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