<p>SHANGHAI: Chinese developer Country Garden Holdings Co has decided not to buy two plots of land it won at a Beijing auction after the final prices exceeded its budget, in a sign that homebuilders are under pressure from surging land costs.</p>
<p>Country Garden would not buy the two sites in Beijing’s suburban Fengtai district it won in the auction with co-bidding developer China Jinmao Holdings Group Ltd on Oct 21, it said in an e-mailed reply to Bloomberg queries.</p>