Beijing land auction expected to break record (2)

The relocation has already started a while back, as a hospital used to stand here, but has been moved about one week ago.

A Beijing resident said, "Last week it opened as usual, but the next day, they sticked a notice on the wall which said it had moved away, it was sold. It moved overnight."

Meanwhile, Shanghai saw its newly crowned king of land on Tuesday. A plot of land with the size of two football grounds has seen its unit price landing at a record breaking 36,176 yuan per square metre. The land is near the Bund area in downtown Shanghai, surrounded by high-end residential buildings and bustling commercial centres.

Mr. Yuan, agent of Centaline Property, said, "In low seasons apartment prices are cheaper, it’s around 70,000 or 80,000 yuan. But now prices all surged to around 120,000, and they are pretty hot at the moment. "

Shanghai residents are optimistic on the trend of the property prices, with some expecting the unit price to climb above 100,000 yuan per square metre. Prices are expected to climb once again in both Beijing and Shanghai, but experts say Beijing’s land king in waiting will only affect the second-hand property market, rather than influencing the overall property market.

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