State-owned land located in the center of Beijing's CBD area has been bid at 6.3 billion yuan ($946.26 million), refreshing the record of the city's land leasing this year, Beijing News reported Wednesday.

The land Z15 for commercial use was bid by China International Trust and Investment Corporation (CITIC Group), which is among 26 bidders including Chinese property magnates, including Dalian Wanda Group Co. Ltd and SOHO China.

It is said the land with a construction scale of 35 hectares stands in the north of Beijing's CBD area, where it is expected to establish the tallest building in Beijing at 500-meters high, according to an announcement released by the Beijing Municipal Land Arrangement and Storage Center.

Currently, the highest building in Beijing is the China World Trade Center Tower 3 standing 330-meters high.

Industry delegates reckon the accommodation value of this land with 18,000 yuan ($2,705) per square meter is not expensive, compared to the average value of residential housing in this area at about 40,000 to 50,000 yuan per square meter. The price of some buildings on sale in this area is even over 80,000 yuan per square meter.

The CITIC Group said they will use the Land Z15 to construct its headquarters building.

Another land Z14 on the east side of Z15 which has a construction scale of 22 hectares also attracted 13 enterprises for bidding. It was finally bid by a super union joined by 11 enterprises for about 4.1 billion yuan.

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