China Overseas Wins Beijing Chaoyang Residential Land for RMB 4.68 Billion, Premium 25.84%
China Overseas Land & Investment won a residential land plot in Beijing's Chaoyang district for RMB 4.68 billion, after 248 rounds of bidding. The plot, with a planned floor area of 57,750 square meters, drew six bidders and six online offers before the auction. The final floor price reached RMB 81,063 per square meter, a 25.84% premium over the starting price of RMB 64,416 per square meter.
On July 28, a residential land plot in the Jiuxianqiao area of Beijing's Chaoyang district was put up for sale. The plot has a planned construction area of 57,750 square meters, with a starting price of RMB 3.72 billion and a starting floor price of RMB 64,416 per square meter.
Before the auction, the plot had received six rounds of online bids, and six real estate developers participated in the on-site bidding. After 248 rounds of offline bidding, China Overseas Land & Investment won the plot with a total price of RMB 4.6814 billion, resulting in a transaction floor price of RMB 81,063 per square meter and a premium rate of 25.84%.
Why this event matters
The event has a measured impact on 1 industry. The strongest current signal is positive for Residential Development, with intensity 70/100 and 80% confidence over a short term horizon.
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