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Shanghai sees US$3.6b record price paid for single piece of land
By Cherry Cao

A plot of land in Shanghai’s Xuhui District sold for 21.77 billion yuan (US$3.6 billion) yesterday, a record for a single piece of land in the city and the most expensive plot in terms of total price sold on the Chinese mainland since 2010.

The winner at the public bidding was Well Master International Investment Ltd, a wholly owned subsidiary of Hong Kong’s Sun Hung Kai Properties Ltd.

The Xujiahui Center project parcel, designated for office, commercial, food and beverage and hotel purposes, fetched an average gross floor area price of 37,264 yuan per square meter, a premium of 24.4 percent.

Dubbed the last core site in Shanghai, the 99,189-square-meter plot, with total buildable area above ground of more than 584,200 square meters, was the subject of much attention before the sale because of its record starting price of 17.5 billion yuan, the highest for a single land parcel in the city.

According to a document released earlier by the local land authority, construction on the site should commence within 12 months from the delivery of the plot by the government and the whole project should be completed within seven years.

Land sales in the city exceeded 100 billion yuan in the first eight months of 2013, with the value for this year expected to surpass the historic high in 2010, according to Soufun Holdings Ltd.

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