Changzhou sells 18 residential plots for 6.346 billion yuan

The near-total absence of competitive bidding is the signal here: with 16 of 18 plots clearing at reserve price, the auction reads less as a demand test than as a floor-preserving exercise by local land sellers. That matters for anyone tracking local-government financing vehicles and the property developers still expected to absorb land at scale. The two premium outliers show selective appetite rather than broad recovery, and whether that handful of contested sites reflects genuine demand or simply better-located parcels is the open question.