Property News · August 1, 2017

Developers pick up Beijing land at rock bottom price, but with little margin for profit


A consortium comprising China Resources Land, Country Garden Holdings and China Merchants Industrial Zone Holdings bought the first piece of prime land near the centre of the Chinese capital city at an auction on Tuesday at rock bottom price, in a sign that stringent market-cooling rules imposed by local authorities are keeping more developers and land buyers on the sideline.
The consortium paid 3.84 billion yuan (US$569 million) for the parcel just outside Beijing’s southern second ring…

Source : South China Morning Post
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