Developer Jitters Hit Beijing Land Auction After Presale Overhaul

Beijing’s first residential land auction since China overhauled property financing rules showed signs of developer caution Thursday, as one site drew a bidding war while another was abruptly suspended after two of three registered bidders failed to show up.

China Resources Land Ltd. paid nearly 8.3 billion yuan ($1.2 billion) for a residential parcel in Houshayu, in Beijing’s Shunyi district, after 174 rounds of bidding. The winning price was 17.4% above the starting level.