Today, Guangzhou welcomed the most anticipated land auction of the year, the AT080722 land parcel on the north side of Linjiang Avenue, Tianhe District, Guangzhou (the former Guangzhou Southern Flour Mill site). This land parcel has a planned construction area of 0.176 million square meters, a starting price of 8.82 billion yuan, and attracted four developers including Poly, China Overseas, Yuexiu, and Pengrui to participate in the bidding. After 5 hours and 148 fierce rounds of bidding, Poly Developments and Holdings Group successfully acquired the land parcel for 11.76 billion yuan, at a transaction floor price of 66,957 yuan/square meter, with a premium rate of 33.4%, making it the second highest land parcel in Guangzhou's land auction floor price. (Reporter Li Jie, Caixin Global)