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The Guangzhou and Chengdu local governments yesterday sold 13 residential and commercial sites for 14.39 billion yuan, even  after central authorities tightened  loans to developers.
Property agents said the prices for the sites were slightly above expectations, given that developers might have been cautious about land acquisitions following the government's latest austerity measures.
They even expected one of the Guangzhou sites might fail to sell because no  bid had been submitted before the auction began.
Shanghai-listed Poly Real Estate bid for the two residential sites in Guangzhou but won only the site in Haizhu, an old district in the city, for 195 million yuan.
The   price was 3,764 yuan per square metre, 48 per cent higher than the opening bid of 2,536 yuan per square metre.
The 14,543 square metre site could provide a total gross floor area of 51,804 square metres.
Times Group, a Guangzhou developer  planning an initial public offering in Hong Kong next year, outbid Poly Real Estate and won the 338,771-sq metre site in Nansha district  for 760 million yuan, or 1,602 yuan per square metre.
The price was 25 per cent higher than the opening bid of 607 million yuan.
Guangzhou Fanyuan Group, another  real estate company aiming for an initial public offering in Hong Kong next year, acquired a 2,177 square metre site in Yuexiu district for 110 million yuan.
The unit price on the plot was 7,632 yuan per square metre, in line with sites sold early this year. A developer could make a reasonable profit since property prices in the area ranged between 13,000 and 15,000 yuan per square metre, observers said.
Ellis Wong Hin-ming, a general manager at Centaline (China), said the  prices fetched by the six sites in Guangzhou were reasonable.
'The better than expected land auction results may be due to the small development scale of the sites, and many developers could afford the investment cost,' Mr Wong said.
Guangzhou had planned to sell 12 sites  but pulled out two  because no bids were submitted. Five of the sites sold for their opening bids.
Chengdu  sold seven  plots for 3.07 billion yuan in a city where the accommodation value -  the land price divided by gross floor area of flats allowed to be built on the land - ranged  from 2,400 yuan  to 5,215.90 yuan per square metre.
All the  plots were bought by local developers.



Guangzhou and Chengdu sites fetch 14.4b yuan