After 243 rounds of bidding on Wednesday, State-owned enterprise Yuexiu Group acquired a highly anticipated land plot in the booming Zhujiang New Town of Guangzhou, the capital of Guangdong province.

Yuexiu Group won the Machang plot for a price of over 23.6 billion yuan ($3.44 billion), setting a record for the highest land transaction amount in Guangzhou since 2010, reflecting the vibrancy of the local real estate market, according to local planning and natural resources authorities.

The plot was listed online with a starting price of 18.64 billion yuan early in January. Seven companies participated in the bidding, which began on Wednesday morning and lasted for more than eight hours.

The Machang plot was originally built in 1992 as a site for commercial horse racing events. It gradually transitioned to hosting scattered businesses, becoming an inefficiently used area in the city.

The plot is planned to be developed into four clusters covering international high-end industries, innovative industries, advantageous traditional industries, and international residential communities. Plans are also in place for a new high-end fashion department store and a 45,000 square meter five-star hotel with apartments.

The plot's plans align with Guangzhou's mission to maintain high-quality development. The province reaffirmed its commitment to creating a world-class, livable, and business-friendly environment and establishing a new model for real estate development at a conference on the topic on Tuesday.