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Google has clarified how they treat generic top-level domains (gTLDs) in search results. These newer domains are treated like any other gTLD such as .com and .net.
By default, most country code top-level domains (ccTLDs) will be used by Google to geotarget the website; it tells us that the website is probably more relevant in the appropriate country. But the new region or city TLDs (like .london) are handled like a gTLD which is consistent with how Google handles .eu and .asia.
If you have a site impacted by ccTLDs, you can update your geolocation preferences right in Webmaster Tools. This can be set up for any site in Google Webmaster Tools for specific geographic targets by the following steps:
On the Webmaster Tools Home page, click the site you want.
Under Site configuration, click Settings.
In the Geographic target section, select the option you want.
If you want to ensure that your site isn’t associated with any country or region, select Unlisted.