Property News · November 16, 2019

A rundown Beijing home with standing-room only space sells for record, in a sign of desperation for hukou in the Chinese capital


A subdivided home in a run-down alley in Beijing recently sold for a record price at auction, as eager buyers piled in to get hold of its much sought-after address to gain access to some of the Chinese capital’s best schools.A subdivided unit at No. 121 Lanman Hutong, about 10 minutes’ drive from Tiananmen Square and the Forbidden City, changed hands on November 11 for 1.28 million yuan (US$182,400) after 136 rounds of furious bidding during an auction in Beijing.For 230,000 yuan per square…

Source : South China Morning Post
Read more…A rundown Beijing home with standing-room only space sells for record, in a sign of desperation for hukou in the Chinese capital