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China's slowing land-use sales sap local coffers

Beijing's real estate crackdown chills developer demand

 A construction site of residential apartment blocks in Beijing.   © Reuters

NANCHANG, China -- In an economic development zone 20 km from downtown Nanchang, a large sprawl of land lay untouched and covered with thickets. The inland city in southeastern China attempted last fall to auction the 30,000-sq.-meter plot, which would house condominiums and a kindergarten.

But because nobody bid, the land rights remain unsold.

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