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China is extending the brakes on soaring house prices in the country by temporarily halting land auctions in some major cities, which could hurt a key source of liquidity for local governments.
Several major Chinese cities recently suspended centralized land sales, according to official notices, after attempts to limit the number of auctions per year that have turned against them. China also stipulated that the price premium for land should be capped at 15%, analysts at Citigroup Inc., including Griffin Chan, wrote in an Aug. 11 memo after market rumors of the policy change.
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