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China Land Sales Cool as Developers Control Debts: Journal

CHINA PRESS

Chinese property developers are purchasing less land to reduce debts as governments tighten policies for the market, the China Securities Journal reported citing data collectors. Land volumes in 40 major cities transacted in the week ending Oct. 11 fell 71% from a week ago, while sales dropped 83%, the newspaper said citing the China Index Academy. Developers including Evergrande have sought to reduce their land holdings, the newspaper said. Local governments including Xuzhou and Chengdu have implemented further curbs while the central bank has reiterated its stance against property speculation, the Journal said.

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