Biz Scene: LOCAL

Property caution

Two Guangzhou residential sites sold last week suggest developers have become cautious about land acquisitions following the latest round of measures by the government to slow the rise in property prices.

A budget housing site in Huadu district was knocked down at a price of just 1,232 yuan per square meter to the sole bidder, 78 percent lower than the 5,700 yuan per square meter fetched by a residential site in the area in September.

The second site in Panyu district was sold at 2,778 yuan per square meter, 55 percent below the 6,230 yuan per square meter fetched by a residential site in the area in September.

(China Daily 11/30/2007 page15)