Chinese property developers opt to 'wait and see' as failed land auctions climb

HONG KONG (Reuters) - Last year China's more aggressive property developers were willing to pay whatever it took to secure land banks, but today China is seeing a surge in failed land auctions. The trend has been especially noticeable in bigger cities since July as developers face reduced liquidity and thinning margins due to a prolonged tightening of government policy and a weaker macroeconomic environment.On a single day this month, Jinan, a second-tier city in China's northeastern Shandong..