Beijing will offer land-use rights to more than 200,000 square meters via an auction to be held on February 18. "Companies from both home and abroad will be allowed to participate in the auction," Li Lin, deputy director of the Beijing Municipal Housing and Land Administrative Bureau, was quoted by today's Business Weekly (China Daily) as saying.

The piece of land, located north of Guangqumenwai Street, is part of an area being vacated by five factories, including the Beijing Heavy-duty Truck Factory and the Beijing Guanghua Timber Factory, which are moving out of the city center.

The land, which will be divided into nine blocks, will be used to build residential housing and public facilities, Li said.

More than 20 real estate firms, including several from Hong Kong, have registered to take part in the auction, according to a source with Beijing Real Estate Auction Co., Ltd., which will be responsible for the auction.

Li said that Beijing may bring more land blocks to the market in the years to come after it carefully studies experience gained from the February auction. (Xinhua)