China Vanke just paid $8.1 billion for a development site

And you thought development sites in Manhattan were expensive. China Vanke just paid around $8.1 billion for a swath of land in Guangzhou — the most ever paid for buildable land in China. The 16 parcels would allow Vanke to build around 22.6 million square feet of apartments, office space, hotels and retail, or the equivalent of eight Empire State Buildings, according to Bloomberg. This means the purchase price translates to around $360 per buildable […]

Source: Real Estate

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