Ten Hong Kong-listed companies and three mainland developers have submitted bids to build in an upmarket Beijing residential district on the biggest development site for sale in the city this year. China Resources Land out-priced 12 developers for the residential and commercial site in Beijing's Chaoyang district with a bid of 3.05 billion yuan or 6,625 yuan per square metre that was 78 per cent more than the 1.71 billion reserve price, according to the city government's website. The highest bid does not guarantee winning the site, according to the terms of the tender document that prompted generally conservative bidding between 2.1 billion and three billion yuan. The result of the tender will be announced early next month. Shanghai-based Shimao Property made the second-highest offer, at 3.01 billion yuan. 'The government is concerned that if the site is sold at a record price it will boost property prices,' Centaline Property (Beijing) managing director Li Wenjie said. 'They didn't encourage developers to submit an aggressive price.' China's national and local governments have introduced a series of measures such as taxes and curbs on reselling new property in an attempt to rein in surging property prices. The site was worth four billion yuan or 8,689 yuan per square metre, he said. That compares with 7,389 yuan and 8,732 yuan per square metre fetched in the latest transactions for sites. Hong Kong-listed Henderson China, Chinese Estates, Hopson Development, Beijing North Star, China Overseas, Guoco Group, Guangzhou R&F Properties and Citic Group were among those making bids. The 236,958 square metre site near the East Third Ring Road could provide a total gross floor area of 460,361 square metres. Mr Li said the site has the potential for serviced apartments and prices could reach 15,000 yuan per square metre after completion. Property prices in the district range between 7,000 yuan and 15,000 yuan per square metre. R&F Properties, the largest developer in Guangzhou, owns R&F City in the area, where the average property price is 15,000 yuan per square metre.