Five property developers from Shenzhen and Guangzhou started bidding for the M1-9 land plot in Zhujiang New Town today. The site, which has an area of 11,522.9 square meters, has a permitted floor area of over 80,000 square meters and is approved for commercial and tourism purposes.

By evening, the highest bid, as shown on the Guangzhou Municipal Bureau of Land Resources and Housing Management website, had jumped from RMB 191.98 million to RMB 199.98 million.

According to the bidding notice, two land plots went up for auction today; the M1-9 commercial plot and another comprising No. 12-38, Kanggongzhi Street on Guangfu North Road, No. 11-45, Sanyuan Fang, and No. 2-24, Demei Li in Liwan District. Whilst the M1-9 plot attracted five bidders, the Liwan District plot attracted none.

According to Guangzhou's auction plan for usage rights of state-owned lands, the city will auction off 82 plots this year, including eight in Zhujiang New Town.

Local authorities are determined to intensify the development of Zhujiang New Town.

Editor: Yan