Local governments in some of China’s smallest cities are snapping up their own land at auctions, in a destructive cycle designed to prop up property prices but which is ravaging their own finances.
中國一些小城市的地方政府正在搶購它們自己拍賣的土地,這種破壞性循環本意是要推高房價,結果卻正在破壞它們自己的財政。
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