China Property: Guangzhou to auction off more land for housing

The city government of Guangzhou will auction off nine plots of land later this month and early next month to be used for residential development. The move follows the auctioning off of nine other plots in June. Guangzhou Mayor Zhang Guangning said yesterday that the city government will work to rein in surging housing prices and build more "economical houses" for the city's extremely poor families by the end of this year.