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Dalong buys residential land in Beijing at 5b yuan

(Xinhua)
Updated: 2009-11-21 16:13

Dalong Estate, a Shanghai-listed property developer owned by Beijing's Shunyi district government, had acquired a parcel of residential land in Shunyi for 5.05 billion yuan ($739 million), the Beijing Times reported on Saturday.

Related readings:  Beijing property the most expensive  Ten years too long to fix property market

The land low-density housing lot was about 526,000 sq m. Its planned construction area was about 169,100 sq m. The floor price amounted to nearly 29,900 yuan each sq m, the highest unit price for a residential site on the Chinese mainland.

The land would be used to build villas, said the newspaper. The plot's initial bidding price was 1.41 billion yuan.