Property developer China Resources Land said it spent 893 million yuan for a 640,000 square metre plot in Chengdu, Sichuan province, on which it plans to build housing units for middle- and high-income customers.
The land was in the city's high technology zone, the company said yesterday.
Demand for residential property was expected to grow because of the increasing number of big companies locating facilities in the zone, it said.
The average price is 5.1 million yuan per mu, or 667 square metres.
The purchase is another sign that Beijing's efforts to cool the overheated property market are failing to deter developers, at least from building land banks for use in future projects.
'The real estate developers stopped [buying land] for less than a month after the government issued guidelines [in May],' said Wang Shi, chairman of China Vanke, the country's biggest listed property developer.
