In a landmark transaction underscoring Guangzhou’s robust real estate sector, state-owned conglomerate Yuexiu Group emerged victorious following an intense 243-round bidding war for a premium Zhujiang New Town development plot. The marathon auction, extending over eight hours on Wednesday, culminated in a historic 23.6 billion yuan ($3.44 billion) agreement—the highest land sale recorded in the southern Chinese metropolis since 2010.
Seven prominent developers competed for the strategically located Machang parcel, which entered the market in January with an initial price tag of 18.64 billion yuan. The site’s transformation represents a significant urban regeneration initiative, transitioning from its origins as a 1992 commercial horse racing venue to its current identity as an underutilized commercial zone.
Urban planning authorities unveiled ambitious redevelopment blueprints featuring four specialized clusters dedicated to international high-end industries, innovation sectors, traditional strength industries, and exclusive residential communities. The comprehensive masterplan includes provisions for a luxury fashion department store and an expansive 45,000-square-meter complex housing five-star hotel accommodations and premium apartments.
This development aligns perfectly with Guangdong province’s broader strategy to foster world-class livable and business-friendly environments. The transaction’s timing coincides with Tuesday’s high-level conference where provincial leadership reaffirmed commitments to pioneering new real estate development paradigms while maintaining unwavering focus on quality growth objectives.
The record-breaking investment signals strong market confidence in Guangzhou’s economic trajectory and demonstrates how strategic urban renewal projects can catalyze regional development while addressing historical land inefficiencies.