BUSINESS

Poly Property Snags Shenzhen Plot for Record High Price in Furious Bidding War

Published: Jun. 8, 2026 1:30 p.m. GMT+8

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Chinese real estate giant Poly Property Group Co. Ltd. has won the bid for a residential parcel in Shenzhen’s high-tech hub for about 5.8 billion yuan ($856 million), setting a record unit price for the city’s residential land sales.

The transaction highlights a growing trend where cash-rich state-owned developers are aggressively competing for premium real estate in top-tier Chinese cities, betting on a strong recovery in the luxury home segment despite a broader property sector slowdown.

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Poly Property Group won a Shenzhen residential plot for 5.8 billion yuan ($856 million), a record unit price for the city.
The auction had 291 rounds; the final price was a 150.7% premium over the starting price, reaching 108,700 yuan per sqm floor-area price.
The plot is in Shenzhen’s “China’s strongest street” tech hub, reflecting state-backed developers’ aggressive bets on luxury housing recovery despite broader slowdown.

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Who’s Who

Poly Property Group Co. Ltd.: Poly Property Group, a Chinese state-owned real estate giant, won a Shenzhen residential land bid for 5.8 billion yuan, setting a record floor-area price of 108,700 yuan per sqm. The aggressive 150.7% premium bid reflects a bet on luxury home recovery in top-tier cities despite a broader property slowdown.

China Merchants Shekou Industrial Zone Holdings Co. Ltd.: China Merchants Shekou is a state-owned developer that bid on a residential parcel in Shenzhen's Nanshan Science and Technology Park. In July 2025, it set a previous city record by acquiring a Qianhai Guiwan site for 2.2 billion yuan at an 86.1% premium, with a floor-area price of 84,200 yuan/sq m.

China Resources Land Ltd.: In the article, China Resources Land Ltd. is mentioned as one of five state-backed developers that competed alongside Poly Property Group in bidding for a residential parcel in Shenzhen’s Nanshan Science and Technology Park. However, it did not win the auction.

China Overseas Land & Investment Ltd.: China Overseas Land & Investment Ltd. was one of five state-backed developers that bid for a residential plot in Shenzhen’s Nanshan Science and Technology Park in 2025. It competed in a 291-round auction but lost to Poly Property Group, which secured the land for 5.8 billion yuan.

Tencent Holdings Ltd.: Tencent Holdings Ltd. is a Chinese tech giant headquartered in Shenzhen. The article notes it is located on Yuehai Street, known as "China's strongest street," which hosts Tencent, Baidu, ZTE, and other major tech firms. No additional details about the company are provided in the article.

Baidu Inc.: According to the article, Baidu Inc. is a tech giant located in Shenzhen's Nanshan Science and Technology Park on Yuehai Street, which is known as "China's strongest street" and had a GDP of over 450 billion yuan in 2024.

ZTE Corp.: ZTE Corp. is a major Chinese telecommunications and technology company headquartered in Shenzhen. It is part of the major industry clusters on Yuehai Street, known as "China's strongest street," alongside Tencent and Baidu, contributing to the area's high-tech hub status.

China Electronics Corp.: China Electronics Corp. is a major industry cluster located on Shenzhen’s Yuehai Street, known as "China’s strongest street," which also hosts Tencent and Baidu. The area had a GDP over 450 billion yuan in 2024. No further details were provided in the article.

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What Happened When

2024：: The Nanshan Science and Technology Park's Yuehai street, known as 'China's strongest street,' boasted a GDP of over 450 billion yuan and hosted tech giants like Tencent and Baidu.

July 2025：: China Merchants Shekou acquired a residential site in the Qianhai Guiwan area for 2.2 billion yuan at an 86.1% premium, setting a previous record with a floor-area price of 84,200 yuan per square meter.

2026：: Poly Property Group Co. Ltd. won the bid for a residential parcel in Shenzhen’s Nanshan Science and Technology Park for about 5.8 billion yuan ($856 million), setting a new record unit price for residential land sales in the city.

April 2026：: Apartments at many newly launched luxury residential projects in Shenzhen have nearly been sold out on their debut days, fueling developers' belief in the investment value of premium land in first-tier cities.

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