Former Prime land up for auction again

A former prime piece of land in south China's city of Guangzhou is up for auction again, after being taken back by the local government.

In 2007, the lot was sold for nearly 1.1 billion yuan. But since then, the land has been left idle. The minimum bid has now been set at 830 million yuan, much less than the original purchase price.

Market insiders say the former owner spent too much money to win the bid, leaving not enough for property construction.

Currently in Guangzhou, there are about 20 land slots purchased by developers that have been left unused for a long time.