In Depth: Frenzied Land Bidding Returns to China’s Prime Cities, but Has the Market Hit Bottom?

On July 28, four state-backed developers and consortiums waged a bruising 200-round bidding contest for a prime residential parcel on Shanghai’s Yangpu district riverfront. A consortium led by Poly Developments and Holdings Group Co. Ltd. and China Resources Land Ltd. ultimately prevailed, paying 16.1 billion yuan ($2.4 billion) and setting local records with a price of 102,000 yuan per square meter.