Beijing Sells Residential Land at Record on Luxury Home Demand
This article is for subscribers only.
Beijing sold a high-end residential land parcel for a record price as developers sought to tap rising demand for luxury homes even as the government maintains its property curbs.
The 75,360 square-meter (811,168 square-foot) Sunhe plot, in a northeastern part of the city known as the “central villa district” near the airport, was sold for 2.36 billion yuan ($385 million) to COFCO Property (Group) Co. on July 23, according to a statement on the local land reserve center’s website. That implies about 46,000 yuan a square meter of buildable area, beating a record set July 3 by a site in southwest Beijing, according to realtor Bacic & 5i5j Group.