China's Sunac says land purchases from other developers to continue

Beijing

SUNAC China Holdings Ltd, which ranks among China's most active real estate buyers this year, is in talks to acquire more land from other developers because prices at government auctions have risen to "absurd" levels, chairman Sun Hongbin said.

"We're in talks on many, many projects, big and small," in cities including Beijing and Shanghai, Mr Sun said in Beijing. "The prices are all fairly reasonable" compared to open auctions where many land parcels have been sold at prices higher than completed homes, he said.