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Shanghai land plot fetches record US$4 billion in auction
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A LAND parcel in Huangpu District fetched 24.85 billion yuan (US$4 billion) today, a record for a single piece of land in Shanghai and also the second most expensive plot in terms of total price ever sold on the Chinese mainland.
A three-member entity led by China Minsheng Investment Corp Ltd acquired the 126,740-square-meter plot which is designated for mixed use including residential, office and commercial purposes.
Average gross floor area price for the parcel stood at 35,392 yuan per square meter, compared to its starting price of 35,320 yuan per square meter.
"Taking into consideration the high requirement for bidders, this seemed to be a tailor-made plot for China Minsheng Investment, a conglomerate company established in Shanghai in August with registered capital of 50 billion yuan," said Li Zongzhou, an analyst with Fang.com, previously known as Soufun.com.
For instance, documents released earlier by the city's land watchdog showed that developer of the land should hold over 60 percent of the office properties built on the site and is not allowed to transfer them to other companies within 10 years. In addition, 70 percent of the total investment for the project should be completed within three years since its commencement.
Office properties should account for at least 65 percent of the total project while commercial and residential must not exceed 17 percent and 18 percent, respectively, the watchdog said earlier.
The city's previous record for a single plot in terms of total price was set by Sun Hung Kai Properties which paid 21.77 billion yuan for a 99,189-square-meter land piece in downtown Xujiahui in 2013.
The current national record was set in Guangzhou when a parcel fetched 25.5 billion yuan in 2009.
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