For a record $8.1 billion, Vanke, China’s largest real estate developer, has successfully completed a deal to acquire plots of land in Guangzhou—the largest such transaction ever in the country. Prior to the deal, the land was owned by Guangdong International Trust & Investment, which went bankrupt nearly two decades ago. The land has a total area of 2.1 million square meters and consists of 16 plots, with plans to subdivide the land for the construction of residential and commercial properties, hotels, and office spaces.

The largest real estate development acquisition in Hong Kong was recorded by Henderson Land, which paid 23.3 billion Hong Kong dollars ($3 billion) to acquire a building in the city.

The total land area represents a small portion of Fank’s holdings, which totaled 107 million square meters of projects under construction or scheduled for completion by the end of last year.

Analyst Christy Hang explained that the high price is due to the limited supply of land in Guangzhou, however, the price does not appear excessive, as it amounts to approximately 26,000 yuan per square meter, while in some areas within the city it reaches more than 40,000 yuan per square meter.