The once-dormant land auction market in Chengdu, the sprawling capital of Sichuan province, has sprung back to life this spring with a flurry of record-breaking deals.
In mid-March, China Merchants Property Development Co. Ltd. secured a residential plot in the city’s High-Tech Zone after an intense 130 rounds of bidding. The state-owned giant beat off a dozen of rivals, paying a record 31,700 yuan ($4,346) per square meter of floor space — a 70% premium over the starting price.
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