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Two residential sites in China’s southern metropolis Guangzhou were sold for a total of 13.87 billion yuan, the first deals since the city began relaxing home purchase restrictions at the end of August.
Both sites received bids at their maximum allowable prices, with the Haizhu site setting a record for the district at 12.79 billion yuan.
China Overseas Land and Investment won the 364,000-square-meter land in Haizhu, and Shanxi Jinzhende Real Estate Development secured the 47,000-sq-m site in Panyu District for a total of 1.08 billion yuan. Haizhu and Panyu sites saw 16 and 12 bidders, primarily state-owned developers.
Analysts said that developers are streamlining their investment strategies in an uncertain market, focusing on pursuing high-quality lands with assured profitability and liquidity and they prioritize participating in lotteries to secure premium land, avoiding the temptation of acquiring cheaper, riskier properties.