Agile Property made a big mix-up: May pay extra 900 million yuan (US$ 144 million) for land bid

agile property oolong
On 9 June, a piece of land [2013] No. 020 in Changsha City was auctioned online with starting price of 170 million yuan (US$ 27.2 million). It is reported that the famous real estate developer Agile Property made a beginning bid of 260 million yuan and without any further bid from other developers, Agile Property increased the offer to 1.15 billion (US$ 184).

Industrial insiders exposed that Agile Property may make a mix-up as it could have planned to use the money to bid another piece of land [2013] No. 021. This mix-up will actually make the company to pay extra 900 million yuan (US$ 144 million) for the first piece of land and also miss the second one.

Some mocked that “the person who made the bid may be too anxious to go home for the Dragon Boat Festival

Source: 21世纪网

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