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Shanghai To Reopen Land Market After Covid Lockdown: News

CHINA PRESS
MNI (Singapore)

Shanghai plans to resume trading in its land market from June 1, and the proportion of funds that developers must seal up in supervised accounts has been reduced to lure buyers, the Shanghai Securities News reported. The restart of the land market is an important signal as the city is actively promoting the resumption of work after near two-month lockdown to curb the spread of Covid-19, the newspaper said. Some local state-owned developers have shown enthusiasm towards the land auction and targeted several plots, the newspaper added.

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Shanghai plans to resume trading in its land market from June 1, and the proportion of funds that developers must seal up in supervised accounts has been reduced to lure buyers, the Shanghai Securities News reported. The restart of the land market is an important signal as the city is actively promoting the resumption of work after near two-month lockdown to curb the spread of Covid-19, the newspaper said. Some local state-owned developers have shown enthusiasm towards the land auction and targeted several plots, the newspaper added.