A consortium including China Resources won a large residential site in central Beijing’s Fengtai district on Wednesday for 8.625 billion yuan (HK$10.8 billion), making it the most expensive plot in the capital.
The record was previously held by a commercial-residential site in Beijing’s central Hua Jia Hutong that was sold to Beijing Huarong for 7.46 billion yuan in August.
Yesterday’s price tag, 22 per cent higher than the government’s opening price of 7.07 billion yuan, represents 20,599 yuan per square metre.
The plot could yield a total gross floor area of 418,693 square metres.
A Wharf consortium paid 8.6 billion yuan for two adjoining sites in the same area on Monday.
“It is not a surprise to see developers bidding up prices as there is a shortage of land supply in Beijing,” said Jiang Yungfang, a director at consultancy China Index Academy, run by the mainland’s biggest real estate website operator, Soufun. “It also shows that home prices in Beijing will be unlikely to fall in the foreseeable future.”