China's real estate market is quickly turning hot and worries grow along on bubbles in the industry.

On Monday, for instance, a land parcel along Beijing's Guangqu Road was auctioned off for more than 4 billion yuan (585 million U.S. dollars) after fierce bidding among major developers from the mainland and Hong Kong, according to Friday's China Daily.

The price set a record for a single land parcel in Beijing. But just 15 months ago, the land parcel was withdrawn from a public tender due to a lack of bidders.

"The bidders have gone irrational. A bubble in Beijing's property market is definitely there," said Pan Shiyi, chairman of property giant SOHO China, who was also a bidder that day.

In Beijing's Central Business District, residential property appreciated 6.5 percent in the past week alone, according to leading property broker Homelink.

"One thing we are concerned about is whether there is a new bubble being shaped. While people have a strong perception of excessive liquidity and further price growth, the possibility of a bubble is pretty big," said Gu Yunchang, secretary-general of the China Real Estate Association.

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