(Yicai) March 19 -- Parcels of land in Beijing have continuously sold at record high prices after the city removed relevant ceilings at auctions last year, with its latest auction seeing the per square meter price of a plot exceed USD14,000 for the first time. 

Bidders went through 274 rounds in the auction for a residential plot in central Haidian district that ended yesterday, with China Overseas Land and Investment buying the 39,738 sqm of land with a gross floor area of 73,300 sqm for CNY7.5 billion (USD1 billion), or about CNY102,300 (USD14,140) per sqm, representing a nearly 28 percent premium.

The previous record was set by C&D Real Estate, which bought a plot for CNY95,047 (USD13,155) per sqm at an auction in January.

The Haidian plot has a significant location advantage, with the nearby Houchang Village being a hub of China's internet sector, with Baidu, Tencent Holdings, NetEase, and other leading firms based there. In addition, it is close to premium primary and secondary schools.

Haidian district, as the core area of Beijing's population concentration and industrial development, has had an insufficient supply of new homes over the past few years, Zhang Kai, head of land market research at the China Index Academy, told Yicai. However, it has increased the supply of land since last year, bringing new opportunities for developers, Zhang added.

Last November, Beijing held its first land auction without a price cap or sales guide in nearly three years. Other major Chinese cities, including Shanghai and Shenzhen, also previously lifted the price ceiling to boost the real estate market's recovery.

Last month, a Shanghai-based renovation company bought a small residential plot in the city's Jing'an district for CNY16,101 (USD22,265) per sqm, setting a new record for land sold in China.

Editors: Dou Shicong, Martin Kadiev