China’s State-Owned Developers Win $1 Billion Worth Land Auctions in Beijing

What’s new: Two state-owned companies on Thursday won the auction for two parcels of land worth of 7.76 billion yuan ($1.08 billion) in Beijing for residential development.

A unit of China State Construction Engineering Corp. Ltd. won the bid for a lot in Daxing in the south of Beijing for 4.88 billion yuan, and a unit of China Tourism Group Corp. Ltd. won the bid for a lot in Cuihu Science Park in Haidian District for 2.89 billion.