After 10 times of price quoting online and 46 times of price bidding in the auction, Wanliu residential land plot in Beijing's Haidian District was finally handed over to Beijing Sinobo Group.,Ltd.(Sinobo), a private company investing in property, mining and e-commerce.

The 77739 square meter residential plot was sold with 2.63 billion yuan and 40 percent premium rate. "Excluding the repurchased land area, the plot is sold with 44200 yuan per square, the highest in Beijing, and also the highest in the whole country," said Zhang Dawei,Marketing Director of Beijing Centaline Property Agency.

The company promised 16400 square meter be repurchased by the Beijing municipal government with the price of 10000 yuan per square. Considering land repurchase and other management and financial cost, average price for the land is 60000 per square.

"So the opening price for the project would be at least 80000 per square," said Chen Xue, an analyst in Homelink Real Estate.

According to Sun Peng, CEO of Sinobo, they planned to build another master work of top residential project in Haidian district, keeping abreast of "No.7 court of Diaoyutai", the highest selling price once reached to 0.35 million per square.

Interesting thing is that China Daily published an editorial "State-owned companies should help promote a healthy property market" yesterday, urging the state-owned companies not to join in the residential land bidding.

To respond the appeal, Poly Real Estate Group Co.,Ltd, a state-owned property enterprise annouced to quit the auction, " Since it's the critical period for property market adjustment and considering policies from central government, we'll give up the bidding position in the Wanliu residential plant," the company stated in its announcement.

While another bidding company said that their highest expecting price was 40000 per square, and promised repurchasing land should less than 4000 square meter."With such a high bidding price and large repurchase land area, it won't be easy to manage and make profits," said management of the anonymous company.

Though sold with such a high price, considering this is the last land plot available for residential development in this district, the price doesn't reflect current situations of property market, said Zhang, adding that government's land sales in Beijing is still not promising this year, probably less than 80 billion.

Comparing selling price of the land king, the society seems to care more about the possible future of the 16400 repurchased land. There were some cases that the repurchased land were developed by local government and sold to the public or sold with "favourable prices" to a few "VIPs".