Shenzhen sells five plots at record prices in biggest land tender since 2001 as investors vie for foothold in Greater Bay Area’s tech hub
- Logan Property Holdings paid 6.6 billion yuan for the most expensive plot in the Shenzhen tender, while China Overseas Land paid 5.7 billion yuan for the second-costliest plot
- The combined area of the five plots add up to 170,273 square metres (1.8 million square feet), slightly smaller than Victoria Park in Hong Kong
Shenzhen’s government has sold five residential land parcels at record prices, exceeding its minimum bids by 45 per cent, as more than 80 developers from mainland China and Hong Kong jostled for plots
in the technology hub at the centre of the Greater Bay Area megaproject.
The land plots, with a combined area of 170,273 square metres (1.8 million square feet) – slightly smaller than Victoria Park in Hong Kong - sold for a combined 22.38 billion yuan (US$3.2 billion), a record single-day haul for the city government.
Logan Property Holdings paid 6.6 billion yuan for the most expensive plot of land measuring 32,667 square metres, while the Guangzhou city government’s investment arm Yuexiu Property Company paid 5.9 billion yuan for the second-costliest parcel.