A tract of land in Shenzhen sold for a record price, reflecting improved confidence in the nation’s property market after authorities unveiled a series of measures to combat a prolonged countrywide slowdown.
Developers China Overseas Land and Investment and China Resources Land jointly paid 18.5 billion yuan (US$2.54 billion) for a 263,000-square-metre (2.83 million square feet) parcel in a bustling business zone in the city’s Nanshan district, which was 46 per cent higher than the starting price. The property was sold after nearly 300 rounds of bidding.
It was the most expensive land sale in the city’s history, according to data from Centaline Property’s Shenzhen branch, besting a 14 billion yuan sale of a residential plot in 2016.
