Beijing Sells More Land at Lower Average Prices in 2023

Beijing completed its last land auction of 2023 on Thursday, capping a year of declining prices, showing that even the most resilient property market is struggling to attract developers to buy land amid a prolonged real estate slump.

In 2023, Beijing sold 5.82 million square meters (62.2 million square foot) of land for residential development for 174.1 billion yuan ($24.4 billion), up 7.8% from last year.