New land king expected in Beijing's CBD

Beijing is putting ten parcels of land up for auction. One particular piece next to the China Textile Building in the Central Business Area is attracting a great deal of attention.

And that's because it's the last remaining site to be snapped up in Beijing's busiest commercial district around the east third ring road. Building area could be as much as 490,000 square meters. The lowest bid starts at 5 billion yuan but market estimates have put the final price at above 10 billion yuan. If this parcel of land goes at that price, it would mean a staggering 30,000 yuan for every square meter.