2009 top ten news

Top 10 real estate debacles 2009

(chinadaily.com.cn)
Updated: 2009-12-21 06:00

7. Real estate price records broken

A cartoon shows the relationship between the land king and homebuyers.

Records for the most expensive plot of land in Beijing, Shanghai, Chongqing, Guangzhou and Hangzhou have all been repeatedly broken recently as real estate prices have continued to rise.

Dalong Estate, a Shanghai-listed property developer owned by Beijing's Shunyi district government, acquired a land plot in Shunyi for 5.05 billion yuan ($739 million) on November 20, or 29,859 yuan per square meter – the highest ever unit price for a residential site on the Chinese mainland.

That price also broke the previous record of 4.06 billion yuan set on June 30 for a plot of land at Number 15, Guang Qu Road, in Beijing's Chaoyang district.

Previously, the most expensive real estate purchases in China were in late June, when Qilian Real Estate bought two land lots worth a total of 1.74 billion yuan on June 25, Zhongze Real Estate bought a lot at 1.96 billion yuan on June 26, and Franshion Properties bought a lot at 4.06 billion yuan on June 30.

Related readings:
 Residential land supply increases
 Blowing up a property bubble in China
 Land king and home buyers

The 28th bidder ends up acquiring the most expensive land plot.

This plot in Beijing's Shunyi district was bought for 5.05 billion yuan.

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