Shanghai land auction suspended

The Shanghai municipal government suspended a tender for a prime waterfront development site in Pudong under pressure from Beijing, the South China Morning Post reported. The site abuts Shimao Riviera Gardens, where residential flats sell at a benchmark high of RMB30,000 (US$3625)/sq m. Hong Kong developers Sun Hung Kai Properties and Cheung Kong unit Hutchison group were reportedly among the bidders. "If this sale went through, it would fetch an enormous price and send the wrong message about the property market," the Post quoted one agent as saying.