Caixin
BUSINESS & TECH

Unsettled Land Deal Linked to Anbang Leaves Pricey Beijing Plots in Limbo

By Li Huiling and Hou Wen
The Z3 plot was seen as the most valuable land of the CBD area in East Third Ring Road of Beijing, which is still undeveloped space. Photo: Ma Minhui/Caixin
The Z3 plot was seen as the most valuable land of the CBD area in East Third Ring Road of Beijing, which is still undeveloped space. Photo: Ma Minhui/Caixin

(Beijing) – An unsettled land deal between a subsidiary of Anbang Insurance Group and the Beijing city government has left several real-estate developers in limbo and the land they paid billions of yuan to sit idle for more than six years.

Across the street of the busy construction site of the 118-story China Zun tower, which will be the tallest building in downtown Beijing, several land plots enclosed by brick walls have remained barren and empty, surrounded by mushrooming skyscrapers in the city’s central business district, where land available for construction has always been scarce and pricey.

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