If China is facing economic uncertainty, no one told their property developers. The South China Morning Post reports on the record-breaking land sales in Beijing, driven by bidding wars between developers looking to secure the limited supply of space in the top-tier city.
Fierce competition sparked by a shortage of supply saw the value of land sales in Beijing this year hit a record 192 billion yuan (HK$232.9 billion) on Tuesday, surpassing the 191.7 billion yuan for all of last year. This year’s total is likely to exceed 200 billion yuan, with seven more plots yet to be sold.
According to the publication, Chinese property portal Fang.com calculated that four of the five most expensive residential real estate deals in mainland China through the first 10 months of 2015 were Beijing transactions. [South China Morning Post]