Record land sale set in Beijing

A new land sale record has been set in Beijing.

Municipal authorities have auctioned off a 150-thousand square-meter plot for 8.6 billion yuan.

That's the equivalent of 38-thousand yuan, or some 62-hundred US dollars, per square meter.

A consortium led by China Resources and Ping'an Insurance have acquired the plot in Fengtai District in an area around south fourth-ring-road.

The record sale comes on suggestions property developers may be banking on revival in Beijing's housing market this year.

The auction of the Fengtai plot has come on the heels of statement by the head of China Vanke, which is China's biggest property developer by market value.

The company CEO is being quoted as saying residential property prices could climb to as high as 60-thousand yuan per square meter this year in the capital.

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