Land revenue in Beijing rises 265 percent

Revenue from land sales in Beijing in the Jan-July period soared 265 percent over the same period last year, a leading real estate agency said.

Revenue hit 87 billion yuan ($14.19 billion), according to Centaline Beijing. Revenue in the first seven months was 1.34 times that of the entire revenue in 2012.

A land plot in a Beijing suburb last Tuesday was sold for 2.36 billion yuan to COFCO Property (Group) Co.

That implies a price of about 46,000 yuan a square meter, a record high in the capital.