Intense action at Nanning land auction

The market could be in slow-down, but policies seem to be having little effect on prices at land auctions.

In Nanning city, capital of Guangxi Zhuang Autonomous Region, a land-lot in Jingpu Road went under the hammer for as much as 1.6 billion yuan, amounting to 11 thousand yuan per square meter.

Nor was that the only purchase for top bidder, Guangxi Hongri Dongsheng Investment Company, which also snapped up another piece of land for 290 million yuan.

Many insiders say they are astonished at soaring prices at such auctions. They're concerned over how high house prices will go if even the land to build them on comes with such enormous price-tags.