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المشهد العربي
Beijing land auction cancellation worsens revenue issues
The authorities in Beijing canceled a land auction valued at over a billion dollars after only one real estate developer attended, despite interest from three companies beforehand. This reflects the crisis facing local governments in China due to declining land sales, which traditionally funded their budgets, as well as the decision to dismantle the real estate developers' financing system, which has led to a drain on liquidity and reduced local revenues.
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