Developer Country Garden backs out of Beijing land deal
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Shanghai
CHINESE developer Country Garden Holdings Co decided not to buy two plots of land it won at a Beijing auction after the final prices exceeded its budget, in a sign that homebuilders are under pressure from surging land costs.
Country Garden will not buy the two sites in Beijing's suburban Fengtai district it won in the auction with co-bidding developer China Jinmao Holdings Group Ltd on Oct 21, it said.
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