Shang­hai land sold at high­est price on record

China Daily (Canada) - - BUSINESS - ByWUYIYAO in Shang­hai wuyiyao@chi­

A land par­cel in cen­tral Shang­hai sold at a record­break­ing price of 11.01 bil­lion yuan ($1.66 bil­lion) on Wed­nes­day.

This means the hous­ing price will be es­ti­mated at more than 150,000 yuan per square me­ter when the res­i­den­tial project is com­pleted.

Rongxin (Fu­jian) In­vest­ment Group Co Ltd be­came the new “Land King” when it wona bid on the land par­cel in Jing’an dis­trict, which is just two kilo­me­ters from the Bund, which borders the Huangpu River and Peo­ple’s Square in the city cen­ter, and three kilo­me­ters from Lu­ji­azui, a fi­nan­cial hub.

Rongxin is the fifth devel­oper to win the ti­tle of “Land King”, mean­ing a devel­oper which pur­chased a land par­cel at the high­est price on record in Shang­hai.

The city’s lim­ited land sup­ply for res­i­den­tial de­vel­op­ment and de­vel­op­ers’ grow­ing ap­petite to re­fill their land re­serves for fu­ture de­vel­op­ment, af­ter they gained good liq­uid­ity from ro­bust sales rev­enue in the first half of 2016, are the main ra­tio­nale be­hind the land fever, said an­a­lysts.

The land auc­tion was com­pleted af­ter 18 de­vel­op­ers com­peted in more than 460 rounds of bid­ding. The fi­nal price was 1.40 times the min­i­mumbid price.

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