Vanity for promotion distorts realty markets

A BEIJING-BASED DEVELOPER was recently forced to abandon its plan to expand into Zhengzhou, the capital of Central China's Henan province, as its successful bid for the land in the city was later nullified by the local land and resources bureau. China Youth Daily commented on Wednesday:

With a focus on developing high-end properties, the Beijing company "stirred up" the local market and more importantly, broke certain hidden rules embedded in the local companies' "home field advantages".

In other words, albeit auctioned, the land that the Beijing company attempted to bid for in Zhengzhou was actually unavailable, because it was part of an urban renovation project earmarked for local real estate developers.