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China Sells Residential Land at Record Price Amid Curbs

China sold a residential land parcel in Beijing at a record price amid rising competition among developers for sites in major cities, which have led price gains even as the government maintains property curbs.

The 28,100 -square-meter (302,356-square-foot) National Agriculture Exhibition Center plot, northeast of the city center, was sold for 2.1 billion yuan ($343 million) to Sunac China Holdings Ltd. yesterday, according to a statement on the local land reserve center’s website. Sunac’s bid included a commitment to build a 278,000-square-meter hospital at another site, according to the statement.