Evergrande Real Estate Group Ltd. (03333.HK) will build small commercial flats on a site in Beijing’s Chaoyang district that it secured at auction Thursday for 2.05 billion yuan (US$329.85 million), National Business Daily reported Friday, citing bidding results. The winning price for the block zoned for units of up to 90 square meters was 37.4 percent higher than the starting price and the highest so far for land in Beijing for similar use. The winning bid translated to a floor price of 21,000 yuan per square meter, breaking the 20,000 yuan mark for the first time, the report said. Homes built on the site are expected to sell for 28,000 yuan per square meter, below the going rate in neighboring districts, the report cited an analyst as saying.
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