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SG Record set for Chinese land prices

Property Here - Monday, September 09, 2013

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A new record for Chinese land prices has been set with the 28,168 sq m purchase of a residential land parcel for more than US$343 million (S$437.5 million) in central Beijing.

The Financial Times reported the buyer to be Sunac China, who also committed to build a hospital on a separate site as part of the purchase agreement.

Quoted by the newspaper, Du Jinsong, a property analyst with Credit Suisse, said: “Since the middle of this year, developers have been getting a lot more bullish than before. They have been more concentrated in buying land in top-tier cities because they see more value there in the long term.”

Official data showed that prices of new homes in Beijing rose by more than 21 percent year-on-year as at the end of last month – more than double the average for the country as a whole.

 

Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg