Paying RMB 600 million, China Resources Land won rights to three residential sites in Beijing, Wuhan and Hefei. The fact that CRL faced almost no competition for the land was put to the fact smaller developers could not secure loans to participate in the bidding in China's current tight-lending environment. CRL Managing Director Wang Yin said reduced competition from rivals was helping drive down land prices, making it easier for larger players to expand.
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