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Real Estate Auctioned in Southern Coastal City
The land-use right of three pieces of land in the downtown area of Beihai, a coastal city in south China's sea outlet to the Beibu Gulf and known as a tropical tourist destination for its silver beach, were auctioned Monday, December 11.
It is the first auction of state-owned real estate for commercial uses in the city, an official said Tuesday.
The three pieces of land cover a total floor space of 3,991 square meters. They are designed for the construction of commercial buildings of four to six stories. The term of the land-use right is 50 years.
Over 200 people witnessed the auction and the knock-down price was 81 percent higher on average than the starting price, a record of land transfer prices in the city.
According to the city government, developers are obliged to start construction on the three lots within one year and complete the work in two years.
Li Yanqiang, deputy mayor, said that the land-use right transfer is one of the measures taken by the government to reinvigorate the city's sluggish real estate market.
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