Xiamen Sells First Completed-Home-Only Residential Plot at Record 58,148 Yuan/sqm

The completed-home-only requirement is the real signal here, not the record floor price. By forcing developers to sell finished units rather than pre-sold off-plan homes, Xiamen is shifting financing and delivery risk onto builders at a moment when their margins are already thin. The fact that both plots cleared at reserve prices, with state-linked C&D taking the Huli site, suggests private developers remain sidelined. Whether this model spreads to other Fujian cities, and whether it further concentrates land acquisition among state-owned players, is the open question.