In a move that has sent shockwaves through China's real estate sector, Guangzhou's Yuexiu Property has secured the Machang Plot (Phase 1) in Tianhe District, Guangzhou, south China's Guangdong Province, for a record-breaking 23.6 billion yuan (about USD 3.45 billion) on February 25. The sale marks a definitive moment for Guangzhou's urban development, highlighting the immense value placed on the city's most central and iconic real estate.
The auction was a marathon of financial endurance. Eight major enterprises engaged in a bidding war that lasted nearly nine hours in 243 rounds. At one point, the sheer volume of bids caused the city's digital auction system to crash. The winning bidder, Yuexiu Property, will pay a record residential floor price of 85,000 yuan (about USD 12,500) per square meter.
Industry analysts note that the scale and price of this deal reflect the enduring appeal of core assets in China's first-tier cities. The "land king" deal is essentially a revaluation of the asset value of a prime location in the heart of Guangzhou's urban area. It is expected to set a new standard for luxury development and urban prestige across the Guangdong-Hong Kong-Macao Greater Bay Area.
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Author: Dong Han
Photo: Guangdong Nature Resource Trading Platform
