Shenzhen Land Sale Draws Strong Bidding Despite Tighter Rules

A subsidiary of state-backed developer China Overseas Land & Investment Ltd. outbid six rivals to acquire a residential parcel in Shenzhen for 2.55 billion yuan ($380 million), paying a 125.5% premium in a deal that set the city’s second-highest unit-price record for residential land.

The intense contest for the site ran counter to a broader cooling in China’s land market, underscoring developers’ continued appetite for prime, low-risk plots with strong profit potential even as recent policy changes add to capital pressures across the sector.