A new record for Chinese land prices has been set with the 28,168 sqm purchase of a residential parcel of land for more than US$343 million in central Beijing.
The Financial Times reported to buyer to be Sunac China, who also committed by build a hospital on a separate site as part of the purchase agreement.
Quoted by the newspaper, Du Jinsong, a property analyst with Credit Suisse, said: "Since the middle of this year, developers have been getting a lot more bullish than before. They have been more concentrated in buying land in top-tier cities because they see more value there in the long term.”
Official data showed that the prices of new home in Beijing rose by more than 21 percent year-on-year as at the end of last month – more than double the average for the country as a whole.
Andrew Batt, International Group Editor of
PropertyGuru Group, wrote this story. To contact him about this or other
stories email andrew@propertyguru.com.sg
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