A new record for Chinese land prices has been set with the 28,168 sq m purchase of a residential land parcel for more than US$343 million (S$437.5 million) in central Beijing.
The Financial Times reported the buyer to be Sunac China, who also committed to 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 prices of new homes 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
Related Stories:
Malaysia Property Show back today
Far East buyers focus on UK country homes