Snow-capped Mountains in Switzerland, by Zhang Daqian [Photo provided to China Daily]

The painting aroused heated bidding last night in Beijing Poly Auction's autumn sales. The buyer was Suning Real Estate, a company held by the Nanjing-headquartered Suning Commerce Group, a leading Chinese electronic and home-appliance provider.

Another notable sale at the auction was modern master Qi Baishi's Painting Album of Landscapes, which was sold for 195 million yuan to Powerlong Real Estate Holdings.

The album created in 1931 includes 12 leaves, each featuring a landscape inspired by Qi's travels across the country and memories of his native Hunan province.

Zhang Daqian's splash color piece Snow-capped Mountains in Switzerland was sold 164 million yuan. In the 3-meter-long painting, the master applied only ink, blue and green to create a natural scene of splendor and an effect of translucency and luster.