Beijing Capital buys sites

Beijing Capital Land, a developer controlled by the city's government, said it bought three plots from open auctions for 4.54 billion yuan in a move to expand into other areas in the country.

The developer said it paid 3.54 billion yuan for two residential sites in Tianjin and one billion yuan for another one in Xi'an, its first in the Shaanxi provincial capital and the largest in size of all the company's projects.

The three sites added 2.47 million square metres to Beijing Capital Land's land reserve, which now stands at about 9.9 million square metres.

The deals bolstered the firm's land acquisitions this year to 5.07 million sq metres, slightly higher than the five million sq metre target.

'The group will continue with its proactive and yet prudent nationwide strategy,' said Beijing Capital president Tang Jun.

Beijing Capital Land is spreading to other regions as land costs in major cities such as Beijing, Shanghai and Shenzhen have been surging.

The Xi'an site, in the economic and technology development zone in the city, will yield 1.54 million sq metres of property.