Fierce land bidding returns to parts of China, but has market hit bottom?

CaixinDemand is strong in top-tier cities, but remains subdued elsewhereResidential buildings under construction in Beijing in October 2025. © ReutersCHEN BO, CaixinAugust 30, 2026 11:18 JST

On July 28, four state-backed developers and consortiums waged a bruising 200-round bidding contest for a prime residential parcel on Shanghai's Yangpu district riverfront. A consortium led by Poly Developments and Holdings Group and China Resources Land ultimately prevailed, paying 16.1 billion yuan ($2.4 billion) and setting local records with a price of 102,000 yuan per square meter.