Land and House Prices in China

Wikipedia: Shenzhen

Residential land values have skyrocketed in China over our 2003-2011 sample period. Even with the recent pullback in land prices in 2011 observed in many markets, the average annual compound rate of real, constant quality land price growth still is above 10% in the typical market and exceeds 20% per annum in eleven cities. Extremely high rates of price appreciation are not restricted to the big coastal region markets such as Beijing and Shanghai, which experienced real annual growth rates of 20.2% and 23.7%, respectively. In fact, the city of Hefei, the capital of Anhui province in central China, has the highest real annual average growth rate of 30.1%.

That is from a new working paper by Deng, Gyourko, and Wu (September 2012).