Beijing -- Real estate prices in major cities in China have suddenly gone from bust to boom, a leading real estate expert said.
"The bidders have gone irrational," said Pan Shiyi, chairman of SOHO China, a large property investment company.
In one instance, a land parcel in Beijing was taken off the market 15 months ago due to a lack of interest, the China Daily reported. But this week, the same parcel broke a record for a single-parcel price, selling for $585 million, the newspaper said.
"We used to talk about monthly price growth, but recently, it's more about daily change," a broker with Homelink told the newspaper.