Beijing land auction expected to break record

Records are being broken at land auctions in both Beijing and Shanghai, with astronomical prices being paid for land in both cities. The buyers of these pricey plots of land are dubbed "land kings", and the new owners have forked out up to three billion yuan for the crown.

Land within the fourth ring-road in east Beijing is a rare treasure to find in land auctions.

The 60,000 square metres’ building area near the National Agriculture Exhibition Centre has been priced at over 33,000 yuan, or nearly 5,500 U.S. dollars per square metre, far exceeding the price the current land king had paid for its crown jewels in July this year.

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