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The Zhejiang Province government has suspended land auctions for commercial housing projects in areas where the percentage of unsold apartments exceeds the limit, according to an official circular issued recently.
The circular reviewed the housing market in Zhejiang in the light of land supply, housing supply, tax policy, mortgage rates, and housing provident fund.
An industry observer said the document made no mention of any control measures, suggesting the government is determined to maintain stability in the real estate market.
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