By Feng Jianmin | 2012-12-26 | ONLINE EDITION
A land parcel near the north Bund area in Shanghai's downtown Hongkou District today became the most expensive plot in total price in China this year, Soufun.com said.
The buyers, Shanghai International Port Co and Wei Wang Property Development Co, paid 5.68 billion yuan (US$908.8 million) for the plot along Haimen Road, 21 percent more than the starting price, according to the country's largest real estate website.
The land will be used to develop office and retail properties. The floor price for the land is 23,330 yuan per square meter, Soufun said.
The auction renewed a national record of 5.62 billion yuan set last month for a plot in Nanjing, capital of Jiangsu Province, and a Shanghai record of 5.43 billion yuan set two weeks ago.
Zhang Hongwei, a research director of Tospur, said the scarcity of available land in downtown Shanghai, a relatively low land price, and strong demand for office buildings in prime locations combine to attract big developers.
Tospur data showed that the price of a prime-location office building varies from 28,446 yuan per square meter in Zhongshan Park area to 66,504 yuan per square meter in Lujiazui area.