Meaning:

    “地” means “land,” and “王” means “king.” This is a slang term in Chinese that refers to the highest-priced land parcel sold to real estate developers. Chinese governments normally auction off land for housing estates. As the real estate market has been doing great in the past decade, developers sometimes offer whopping prices for a parcel of land they have their eyes on, which would give birth to highest-priced land parcels in various cities. Then, the records are often refreshed as time passes by. And the high price of land naturally leads to pricy apartments.

    Example:

    A: 八月上海市中心有一幅地卖出了一百一十多亿，成了上海的新地王。

    Bāyuè shànghǎi shì zhōngxīn yǒu yīfú dì mài chū le yībǎiyīshíduō yì, chéng le shànghǎi de xīn dìwáng。

    A land parcel in central Shanghai was sold at a record-breaking price of more than 11 billion yuan in August.

    B: 这要是建成了楼，得卖多贵啊？

    Zhè yàoshì jiànchéng le lóu, děi mài duō guì a?

    I just can’t imagine: How expensive the apartments will be when they are built on this land?

    A: 估计得十五万一平方米了。

    Gūjì děi shíwǔwàn yī píngfāngmǐ le。

    It is estimated at a whopping 150,000 yuan per square meter when the project is completed.