A plot of Chinese residential land sold for a record price this week, a sign that the country’s property market is heating up again as the economy recovers.
The 28,168-square metre parcel of land in one of the wealthiest areas of Beijing was bought by Sunac China for Rmb2.1bn ($343mn). Including a commitment to build a hospital at a separate site, the total price worked out to Rmb73,000 per square metre of buildable space, the most ever paid for a piece of land in China.
It is the latest in a string of record-setting land sales in China’s biggest cities, with the country’s developers taking heart at what they see as a softening in the government’s stance towards the property market.
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