Fatty meat, usually pork fat, the thick white layer under the skin. Cooks render it into lard and crisp cracklings, or dice it and mix it with lean meat for sausages.
Zhè kuài dì shì kāifāshāng yǎnzhōng de yí kuài féiròu.
This piece of land is a gold mine in the eyes of developers.
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肥肉 literally means fatty meat, but figuratively it refers to something highly desirable or profitable - a 'prize' that everyone wants to grab. Opposite: 瘦肉 (shòuròu, lean meat).