'Record' price for Guangzhou land auction

Evergrande Real Estate Group Ltd, China's second-biggest developer by sales, has bought a plot of land in Guangzhou for 1.3 billion yuan ($205 million) in a sign of increased property market confidence.

The developer, based in the southern Chinese city, bid 32,967 yuan per square meter at an auction for the land in the new financial district Zhujiang Xincheng on Monday, said an Evergrande official, who asked not to be named because of company policy.

The price, based on the site's build area, was a record high for China's southern business hub, according to Xinhua News Agency on Tuesday.

Agencies - China Daily