With Beijing attempting to cool the property market, Guangzhou will hold a land auction today for a site that has already attracted an opening bid of 16.5 billion yuan (HK$18.74 billion), making it the most expensive in the country.

The Guangzhou Asian Games Town site covers 2.64m sq m.

The winning bidder can develop residential, office and commercial projects with a gross floor area of 4.38m sq m and will have at least six years to develop the project.

Poly Real Estate Group has teamed up with China Vanke to join the bidding, while Guangzhou R&F Properties, Country Garden Holdings and Agile Property Holdings have also shown interest in the site.

The auction comes as mainland media reported yesterday that Beijing might further tighten its credit policies on second-home purchases to help cool the property market.

South China Morning Post