The Guangzhou government canceled land purchase agreements and seized more than $80 million of deposits, because the developers did not fulfill terms of the contracts, the report said, citing people close to the land bureau.
BusinessWeek reported that China began requiring developers to pay higher deposits for land purchases last month and banned banks from lending to developers found to be hoarding land as Premier Wen Jiabao pledged to crack down on real-estate speculation and keep housing affordable.
Property prices in 70 Chinese cities gained a record 11.7% in March from a year earlier.
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