Developers snap up Beijing plots
Beijing’s land market is warming up again, with three mixed-use sites sold for 3.6 billion yuan on Tuesday, rasing the total land sales to 40.9 billion yuan since January, according to mainland property data provider SouFun Holdings.
Market analysts attributed the strong land sales to major developers shifting their investment focus to first-tier cities after the emergence of overbuilt problems in the third-tier ones.
After nearly 100 rounds of bids among four major developers, Greenland won the commercial site at Taiyanggong in Chaoyang district for 1.69 billion yuan, or 46,300 yuan per square metre. The price tag was 41 per cent higher than the 1.2 billion yuan opening bid.
Longfor Properties secured another mixed-use site in Mentougou, western Beijing, for 1.17 billion yuan, or 12,156 yuan per square metre.
A consortium consisting of Gemdale bought the third site in Beijing’s northeastern Shunyi district for 750 million yuan, or 6,830 yuan per square metre.
