CITIC Sets New Record Price For Beijing Land; 500m Building Planned in CBD

CITIC bid 6.3 Billion RMB and won the rights to develop a plot of land (????)┬ádirectly east of the China World Complex in Beijing’s CBD-????CBD???? 63???????????.

According to CITIC’s bidding documents they plan to build a 500m tall skyscraper, which would dwarf Beijing’s current tallest building-China World Phase III,-by 170m or so.

Is this a sign of an overheating real estate bubble, and too much easy money for state-owned firms like CITIC? Or is this a savvy bet by smart money on a central location in the capital city of the largest country and 2nd largest economy in the world? Or both?

Here is a conceptual rendering of the planned tower: