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Prime land in Beijing's CBD area auctioned for record 4.06 bln yuan
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13:24, July 01, 2009

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A plot of land at 15, Guangqu Road, which is publicly acknowledged by industry insiders to be the "only prime land left in Beijing's CBD (central business district) area," became a hotly contested target among real estate giants on June 30.

Following many rounds of bidding, it was ultimately secured by Franshion Properties (China) under Sinochem Group for 4.06 billion yuan, setting a new record price for Beijing land sold publicly.

Close to the East Fourth Ring Road, the land at 15, Guangqu Road, enjoys a superior location. Eleven real estate giants, including SOHO China, Sino-Ocean Land, Vanke, Huayuan, China Resources Land and Poly Real Estate, participated in the on-site bidding. The starting price was 2.62 billion yuan.

The plot covers an area of nearly 156,000 square meters, and has a planned construction area surpassing 280,000 square meters.


One industry insider calculated that at the exorbitant price reached in the auction means the floor price works out as 14,500 yuan per square meter.

By People's Daily Online

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