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August 4, 2016

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High prices paid for 3 land plots

THREE land parcels in Shanghai’s outlying western Qingpu District were sold at high prices again yesterday and this showed that real estate developers’ appetite for land parcels remained unsatiated.

Country Garden, one of the largest developers in China, paid 1.4 billion yuan (US$211 million), or a premium of 101 percent to the reserve price, for a 23,450-square-meter residential plot in the district. By gross floor area price, Country Garden’s winning bid was equivalent to 30,107 yuan per square meter.

Another 30,730-square-meter housing parcel was sold to Beijing Capital Land Co for 1.9 billion yuan, a premium of 108 percent, and a GFA price equivalent of 31,126 yuan per square meter.

Jiangsu Province-based Zhongnan Group bought the third 36,279 square-meter parcel, designated for residential and commercial uses for 1.96 billion yuan, a premium of 54 percent, or a GFA price of 21,610 yuan per square meter.

“These land prices are pretty high as most of the new homes in the neighbourhood cost between 30,000 yuan and 31,000 yuan per square meter at the moment,” said Lu Wenxi, senior manager of research at Shanghai Centaline Property Consultants Co.


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