China – Beijing Holds First Real Estate Auction

T/I: 10:08:07 BEIJING HOLDS FIRST REAL ESTATE AUCTION Beijing, China Natsot Duration: 1.33″ The first ever real estate auction in Beijing has taken place with the city selling a five-story university building in downtown Beijing to a real estate company owned by a joint Chinese and Thai consortium called Fu Hua. The bidding began at 90,000,000 yuan ($11 million) with the hammer falling at 130 million yuan ($13 million). “The final price was higher than what we expected but we’ll still made money out of the deal,” said a Fu Hua representative, declining to divulge the profit his company will make. Fu Hua plans to turn the university building into condominium apartments, which will be sold to individual buyers. The Fu Hua consortium is owned by the China I

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