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Spring Festival effect on auction
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LAND parcels totaling 257,000 square meters are set to be released for auction in Shanghai in February, down 67.8 percent from January, as the Spring Festival is just weeks away.
The starting price for the nine pieces is around 2.9 billion yuan (US$463 million), a month-on-month drop of 31.5 percent, according to Fang.com, the country’s largest real estate website.
The plots are located in outlying Fengxian District, with four being designated for residential development. Minhang District has three plots for the auction.
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