If China has a real-estate glut, why is Beijing more expensive than Manhattan?

If China has a real-estate glut, why is Beijing more expensive than Manhattan? Chinese local governments hit the jackpot this week. In Beijing, Shanghai, Hangzhou and Suzhou, land parcels sold for record prices, crowning a slew of new “land kings,” as Chinese slang refers to record-setting plots. Here’s a roundup of the highlights:.

Full News here – Read more on Quartz