Competition for land still hot in Beijng

Despite more stringent policies in the property market, bidding is still intense for land in Beijing. On Monday three plots of land went on auction. Two in Daxing District, and another in Huairou District. Even though all three are in the suburbs, that put no damper on bidders.

The final price for one piece hit as high as double the opening price, while another went under the hammer at triple the starting bid. Beijing's Municipal Government has put forward 43 parcels of land so far this year. Taken together, they sold for 24 billion yuan, on average 2.3 times their starting prices.

Despite more stringent policies in the property market, bidding is still  intense for land in Beijing. On Monday three plots of land went on auction.