A parcel of industrial land in Shuangfeng town, Taicang was sold at auction for 1.66 million yuan on April 26, according to the Taicang land and resources bureau.

Two bidders got the price war underway from the start of the auction, raising the asking price for the 3,578-square-meter land by 750,000 yuan.

The sale was the first completed after the online trading system for development land was put into use in the city in January. The system was adopted to improve efficiency, provide greater convenience to buyers and to prevent market rigging.

Since its implementation, all industrial land sales are made through the system. Transactions for all development land, including the profit-oriented land, will be made online in the future, according to Taicang