After 41 rounds of heated auction, a yet-to-be-named enterprise successfully won the right to use a 4,530 square meter state-owned land at a price of 86 million yuan, or 17,800 yuan per square meter, hitting a new record land price in the western district of Jinan, the Liuyin District Government announced.

The auction attracted numerous viewers and was more like a game between bidders “No 001” and “No 009”. After 20 rounds of bidding, when the land price reached 86 million yuan, “No 001” stopped giving higher prices, making “No 009” the final winner of the auction.

The initial price of the land was 46 million yuan, with an increase range of 500 thousand yuan per bid and finally soaring to 1 million yuan per bid.

An official from Huaiyin district speaking on anonymity said, “The birth of the new 'Land King' in Jinan indicates the effectiveness of the strategy of developing the western areas of Jinan.”

With the development of the new city areas in west Jinan and the reconstruction of the shanty town, many commercial giants from home and abroad are now competing with one another to land in Jinan in order to snatch the market share, the official added. “For example, British retail tycoon TESCO has already set up camp in the business area of Xinguang Road.”

The new “Land King” area will reportedly be used to build a gas station of the highest level in Shandong province, combining gas refueling, dining and vehicle repair services. And two Fortune 500 chain stores—KFC and Grease Monkey Automotive Services—will open businesses in the station.

By Li Jing