21 January 2019

Shanghai, Shenzhen ‘land kings’ point to market heat, paper says

Record prices set at land auctions in Shanghai and Shenzhen point to rising heat in the property market ahead of the Lunar New Year, the China Securities Journal reported Wednesday, citing bidding results. New “land kings”, or blocks attracting record-setting prices, were crowned when a plot in Shanghai sold Tuesday for 10.1 billion yuan (US$1.67 billion), more than double the starting price, and another in Shenzhen went for 13.4 billion yuan Thursday. Some analysts said the rise in prices was fueled by cash-rich developers who are optimistic about the market, the report said.

– Contact HKEJ [email protected]



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