Price tags shattered as developers snap up five suburban sites

Beijing's land market started the year with five plots sold at record prices within three days, underscoring how the capital remains red hot as developers shun smaller cities.

A consortium including China Resources Land Ltd and Ping An Real Estate Co won a large residential site in the southwestern Fengtai district on Wednesday for 8.625 billion yuan ($1.39 billion), making it the most expensive plot in the capital's history.