Longhu Group, the largest developer in Chongqing, has teamed up with a domestic developer to acquire a residential site in Beijing for 700 million yuan.
The municipal government yesterday said the developer bought the 73,103 square metre site in Tongzhou district in the east of the city for 5,739 yuan per square metre, the second-highest bid for the plot.
Li Wenjie, general manager of Centaline (China) in Beijing, said the price was reasonable as the site was in a prime location.
He said the project could have fetched more than 10,000 yuan per square metre as property prices in the area had reached 11,000 yuan per square metre.
The project could provide a total gross floor area of 121,957 square metres of residential and commercial facilities.
