Beijing land sales bullish in January

Beijing's land sales revenue in the first half of January hit 21.5 billion yuan ($3.56 billion) and analysts expect it to surpass 30 billion yuan for the month, Beijing Times reported on Tuesday.

By comparison, land sales revenue for the whole of January 2013 was 24.1 billion yuan.

Prices spiked as major real estate developers flocked into first-tier cities and competed to grab land, betting on the bullish market outlook.