Landmark transfer of land via listing

For the first time, Beijing last weekend transferred the right to develop land through the public listing process, the China Daily reported.

A 1.13-hectare site in the core of western Zhongguancun, widely known as China's Silicon Valley, was sold to the Beijing branch of a Taiwan-listed group through the process.

Under recent municipal regulations, the right to develop land that is comparatively smaller and of a lesser value should be publicly listed.

All other land rights are settled by the public bidding process. The Zhongguancun site was listed at the Beijing Municipal Land Transaction Market.

The public listing mechanism was aimed at producing a level playing field for land deals in the capital and increasing public access, particularly for land dealers outside Beijing, analysts said.

The Taiwan company paid 270 million yuan (about HK$253 million) for the right to develop the Zhongguancun site, according to China Daily. It is understood the site would be used to build luxury apartments.