Yuexiu Property secured the Machang land parcel in Guangzhou’s Tianhe district on February 25 after a nine-hour, 240-round bidding war, paying 23.6 billion RMB ($3.25 billion) — 26.6% above the starting bid of 18.644 billion RMB ($2.57 billion). The floor price reached approximately 85,000 RMB ($11,700) per sqm. The Zhujiang New Town site will be developed into a mixed-use complex with luxury retail, high-end residential and office space. SKP, owned by Beijing Hualian Group, will operate the retail component targeting annual sales of approximately 5 billion RMB ($689 million), marking its first South China location.

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