Nanjing sells 3 residential plots at reserve price for 626M yuan

Land sales clearing entirely at the reserve price, with no premium, is the detail worth noting: it signals that developers are bidding only at the floor the city sets, not competing for sites. That matters for local governments that rely on land revenue and for anyone tracking whether state-linked or private builders are willing to add inventory in a soft market. Whether all-reserve outcomes persist in coming auctions, or premiums return, is the open question.