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Citic to build Beijing's tallest building

By Cai Muyuan (chinadaily.com.cn)
Updated: 2010-12-22 16:40

A pre-visualization picture of Z15 plot [Photo/qianlong.com]

China's State-owned Citic Group defeated its competitor Hainan Airlines in the bidding battle for the Z15 plot in center business district (CBD) area in Beijing, according to Beijing Municipal Bureau of Land and Resources, Qianlong.com reported Wednesday.

The block Z15 is the largest planning area of the six plots seeking public biddings in CBD. According to the plans, Beijing's tallest building will occupy the plot at a height of 500 meters, the website reported.

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"The result shows that the bidding is not determined by price offer," Jin Yong, general manager of CB Richard Ellis Group Inc in China, told the reporter. Citic sealed the deal with a 6.3-billion–yuan bid, which counts for 18,000 yuan per square meter. The figures show the commercial land prices are dropping, Jin said, according to the website.

The plot bidding in CBD areas has little impact on housing prices in the surrounding areas, according to the news report.