Beijing land auction is a China record

July 02, 2009 | Posted by Chris

This past Tuesday a land plot near Beijing's Central Business District (CBD) was auctioned for nearly $600 million USD, a record among all land auctions ever in China, the China Daily reports. The plot, which was won by a major property developer from Guangdong Province, has a total floor plan area of 280,000 square meters, which prices it about $2,053 USD per square meter. The final complex, which reportedly will be high-end commercial real estate, is located along the eastern fourth ring road, just south of the Dawanglu and Sihui subway stops on the No. 1 red line. The property's high price seems to be justified by its position as one of the last large land plots in Beijing's CBD, which covers the area between Beijing's eastern second and fourth ring roads. Notably, the previous record for a land plot auction in China took place in the southwestern city of Chongqing just last week: $559 million USD.

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