Guangzhou Investment, the property arm of the city government, yesterday acquired the last residential site in the core business district for 15,324 yuan (HK$17,382) per square metre, 358% higher than the previous site in the area sold for in 2005.

The developer has spent more than 1.31 billion yuan on three sites in Guangzhou and Jiangmen so far this month, including the latest acquisition. The site, near Pearl River Park, attracted 16 bidders, including Poly Real Estate, KWG Property Holding, China Vanke and New City Group.

South China Morning Post