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February 18, 2017

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Home » Business » Real Estate

3 land plots sold close to reserve prices

THREE adjacent land parcels in Shanghai’s outlying Lingang port area were sold yesterday to major domestic real estate developers close to their reserve prices as the city’s land market opened to a “cold” start in the Year of the Rooster.

Shanghai Greenland Group, China Vanke Co and Country Garden Holdings Co acquired the three plots — covering 61,380 square meters, 40,361 square meters and 64,418 square meters respectively — for an average gross floor area price of 21,180 yuan (US$3,086) per square meter, 21,370 yuan and 21,086 yuan respectively.

The prices marked a premium of 0.85 percent, 1.76 percent and 0.41 percent from their starting prices.

The three sites, all earmarked for residential development, are located about 800 meters away from the Lingang Avenue Station of Metro Line 16.

“Though accessed by one Metro line, Lingang remains a remote neighborhood in Shanghai where infrastructure and ancillary commercial facilities are still not good enough to attract home seekers,” said Lu Wenxi, senior manager of research at Shanghai Centaline Property Consultants Co.

“Real estate developers seemed more rational and cautious in their latest land acquisitions” because of strictly implemented government rein-in measures, he added.

As required by the city’s land watchdog, at least 80 percent of homes built on the sites must be small and medium apartments while 15 percent of the total space should be held by the developers and not sold on the open market.


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