Beijing: Between a Bubble and a Hard Place

摘要

The media dubbed it the "King of All Sales." A plot of residential land in Beijing's Haidian district sold at auction on July 10 for a record 2.63 billion yuan ($413 million), or 33,831 yuan per square meter. That makes it the most expensive tract ever sold in the capital, higher than the previous record set in 2009, when Chinese property was in the middle of a price bubble that started deflating last year.