Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING
Tech Insider: Sogou Founder Splits, SAIC Turns Sod on Hydrogen Truck Plant
LATEST
Tech Insider: Sogou Founder Splits, SAIC Turns Sod on Hydrogen Truck Plant
Chinese Vaccine Startup Seeks Hong Kong Listing as Delta Fuels Demand
ByteDance Pushes Into Property With New Real Estate Broker’s License
Xiaomi Takes Lead in Central and Eastern Europe’s 5G Smartphone Market
TSMC Weighs Response to U.S. Call for Supply Chain Disclosures
Short Video App Kuaishou Restructures in Bid to Stem Losses
Tech Giants Talk Up Their Contributions to China’s ‘Common Prosperity’
Smartphone Brand Honor Restores Its Fortunes Now That It’s Free of Huawei
Smartphone-Maker Xiaomi Bets Bigger on Smart Cars
China’s Tighter Tech Laws Could Stymie U.S. Demands for Data Handover, Legal Expert Says
China Chip Exec Says Crunch Could End by Mid-2022
Air Taxi Developer’s Listing Shows Tencent Can’t Shake Its Flying Car Dreams
Apple Hopes Cheaper IPhones Will Woo Chinese Customers
Two Chinese Tech Stocks Sizzle on Latest Hot Concept in Virtual Reality
China Tech Stocks Stumble in Rush Back Toward Bull Market
WeRide Joins With Carmaker, Courier to Commercialize Self-Driving Delivery Vans
JD.com-Backed Dada’s Autonomous Delivery Investment Undercuts Revenue Jump
Non-Innovative Medtech Companies Are Winning Too Much Venture Capital, Official Says
Chipmaker SMIC Inks Deal With Shanghai for $8.8 Billion Factory
Tech Insider: EV Sales a Mixed Bag, MediaTek Stays on Top, Xiaomi’s New Direction
Shenzhen Sets Record for Daily Land Sales as Housing Market Booms

By Qu Hui and Han Wei / Jun 25, 2019 03:49 AM / Economy

Photo: VCG

Photo: VCG

The government of Shenzhen, China’s southern technology hub, auctioned off five residential land parcels Monday for a total of more than 22.4 billion yuan ($3.2 billion), setting a single-day sales record.

The auction attracted 71 developers, which put up a record 98.7 billion yuan in deposits to participate. The response was another signal that the Shenzhen housing market is heating up after a two-year slowdown as regulators slammed on the brakes. Official data showed that new home sales rose 79.6% year-on-year in May, with average prices up 1.24%.

Residential land has been scarce in the city of 12.53 million, where the booming tech sector continues attracting migrants. Between 2015 and 2018, the city government added only 18 plots to the market for residential development, according to data from Midland Realty. The Monday sale was the first auction of land for residential development so far this year.

The parcels, with a combined area of 170,273 square meters (1.8 million square feet), sold at prices 45% higher than the minimum bids. Guangdong government-backed Yuexiu Property Co., Logan Property Holdings, China Overseas Land, PowerChina Real Estate Group and a unit of Ping An Insurance Group’s venture capital arm were the winning bidders.

Related: Jump in One Lower-Tier City's Land Prices Hints at Sharp Real Estate Recovery


Share this article
Open WeChat and scan the QR code