SHANGHAI: A record price for housing land in mainland China transacted in Shanghai yesterday, Dec 23, according to Colliers International's Shanghai Market Beat quoting Shanghai Daily.

A wholly-owned subsidiary of China State Construction Engineering Corp reportedly acquired a 114,500 square metre land plot in the city's north-eastern Yangpu District for 3.72 billion yuan (US$544.84 million).

The plot in New Jiangwan Town, designated for residential development, was offered at a starting price of about 15,000 yuan per sq m and was finally sold for 32,484 yuan per sq m.

Apartments in New Jiangwan Town fetch about 30,000 yuan per sq m, while some villa projects are asking between 35,000 yuan and 45,000 yuan per sq m.

 

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