Beijing North Star, a Hong Kong-listed property developer owned by the capital's city government, and another Beijing company yesterday paid a record lump sum of 9.2 billion yuan for a site in Changsha, Hunan province.
The mixed-development riverside site covers 7.85 million square metres, the largest plot sold in the city and more than three times the size of Cyberport in Pok Fu Lam.
The accommodation value of the site is about 3,500 yuan per square metre.
Property analysts said the land price was higher than previous transactions in the city, although the accommodation value was less than some high-end Changsha residential properties.
'The city's average price for high-end residential property is about 4,500 yuan only,' a property agent said. 'But prices are expected to rise as Changsha is the capital of the province and is attracting people from nearby districts.'
The accommodation value of river sites ranges between 2,000 and 3,000 yuan per square metre.