The base price limit on bids was RMB1.27 billion ($164.5 million). According to China Securities News, the secretary of the Bureau An Jiasheng, explained the bureau did this in order to supply less expensive housing for Beijing residents.
The highest tendered bid was from Zhuzong Real State at RMB1.4 billion ($181 million). Based on this price, the assessment of the property value would be RMB2,900($376) per square meter. And the government limit price on the finished apartments is set at RMB6,350 ($822) per square meter.
However, there is no indication in the report that there will be restrictions on the size of the apartments.
An official from the Beijing Municipal Bureau said the most crucial factors of the winning bidder are the construction and making sure the potential house owners are eligible to buy this property.
Source: China Daily