Residential site sold for a record $1.39 billion in Beijing

BEIJING: A consortium of firms bought a large residential site in central Beijing's Fengtai district for a record 8.625 billion yuan ($1.39 billion), making it the most expensive plot in the capital.

The record was previously held by a commercial- residential site in Beijing's central Hua Jia Hutong that was sold to Beijing Huarong for 7.46 billion yuan in August.

A consortium which included China Resources, Shoukai Share and Ping An Real Estate bought the plot two days ago.

The price tag, 22 per cent higher than the government's opening price of 7.07 billion yuan, represents 20,599 yuan per square meter, state-run China Daily reported today.

The plot could yield a total gross floor area of 418,693 square meters.

A Wharf consortium paid 8.6 billion yuan for two adjoining sites in the same area on Monday.

In 2014, despite unprecedented property market downturn, Beijing government raked in 191.7 billion yuan, up 5 per cent from a year ago, and topped cities across China, according to consultancy China Index Academy.