Shimao Property Holdings paid 3.02 billion yuan (HK$3.41bn) for a residential site in Xiamen, the highest plot price among the eight pieces of land sold at a government auction yesterday.

The Xiamen government drew strong bidding interest in its public auction of nine sites.

Eight were sold for a combined 9.8 billion yuan, while one was withdrawn.

It was the largest land sale by the government since last year.

Shimao said the site, covering 137,000 square metres, was in the Lakeside Reservoir area - one of the upmarket residential sections of the city.

The site will be developed into a high-end residential-retail complex with a gross floor area of about 453,000 square metres.

South China Morning Post