Developers Jump on Suzhou Land Sale to Build Fancier Properties

What’s new: Property developers in the eastern Chinese city of Suzhou scrambled to bid for land zoned for large apartments and houses in the latest auction, a sign that demand for fancy real estate in large cities could be rebounding, analysts said.

Of the 11 land parcels put up for sale in the auction this week, developers bid for three of them dozens of times and drove the price up to the pre-set ceiling of 15% higher than the opening price, according to the city government.