} ?>
(Yicai Global) June 25 -- The largest area of land meant for residential use for the past two decades in southern China's Shenzhen has been sold for CNY22.4 billion (USD3.3 billion) in total.
Over 70 real estate firms, including the winners of Logan Property Holdings, China Overseas Land & Investment, and Yuexiu Property, bid for the five plots of land yesterday, the city's property administration said on its website. The plots may be used for building rental homes and public housing for talent.
Closing prices reached the regulated ceiling, standing between CNY15,226 (USD2,214) and CNY48,701 per square meter. New houses nearby these plots currently sell for around CNY30,000 to CNY55,000 per sqm.
Shenzhen has stringent restrictions on land transfers, and the city prohibits buyers to sell their property within three years in order to control speculation. Some 40 percent of land transfers between last year and 2035 is expected to involve public housing, which spells out short supply, the Securities Times reported, citing Li Yujia, chief researcher at the Guangdong Housing Policy Research Center.
Shenzhen may transfer more residential land in the second half of this year, a research center under the Midland Realty told the Securities Times.
Editor: Emmi Laine