Suzhou land sales halted as bids exceed limits

Shanghai

TWO land auctions were terminated in the Chinese city of Suzhou after bids surpassed limits set by the local government to stem a surge in prices.

Offers on Monday for two plots of land in the city, which is 30 minutes by train from Shanghai, exceeded ceilings established in rules released last week by authorities, triggering the automatic cancellation of the online auction, according to a webpage compiled by Suzhou's land resources bureau.