Prime land expected to set market record

A 49,000 sq m space of commercial land is expected to be sold for more than 10 billion yuan in early March, a record for Beijing's land market.

The slot is located in Beijing's Central Business District (CBD) at Guomao, northeast of an intersection at East Third Ring Road and Jianguo Road, with the new CCTV tower and the World Trade Center in sight. It is being dubbed as "Zhongfu land" by insiders, due to its close proximity to Beijing Zhongfu Building.

According to Beijing municipal bureau of land and resources, "Zhongfu land" will be auctioned off between Feb 22 to Mar 8. The starting bid is set at 5 billion yuan, with a required 3 billion yuan deposit to take part.