SHANGHAI: Greenland Group, a real estate company owned by the Shanghai municipal government, has entered the Beijing realty market by winning a hotly contested bid against some of the country's largest property developers for a prime development site for more than 3 billion yuan.

The transaction marks the second highest price paid by a developer this year for a track of development land in the capital city. A few weeks earlier, a site in Beijing's Guangqumen area was sold in an auction for about 4 billion yuan, an all time record.

Greenland said it plans to develop a residential and commercial complex on the 162,260 sq m site in the outskirts of Beijing. When complete, the project is expected to yield 458,000 sq m of gross floor space.