The Zhongfu Land gets its name from the proximity to the Zhongu building. It has already been put up for auction twice this year.
The first auction was in February, but surprisingly no businesses bid for the land. It was set to be auctioned again in late March. But in mid-March, Beijing auctioned 6 parcels of land in a single day with 14 billion yuan in total transaction price. 3 plots of land fetched record land prices, one after another. The bidding gave Beijing's property market a big push. To cool investment fever in the property market, the government suspended land auctions in the busy commercial area of the city. The auction of Zhongfu land had to be postponed again.