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Land parcel sold for record-high US$4b
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A LAND parcel in Huangpu District was sold for a record high of 24.85 billion yuan (US$4 billion) in Shanghai yesterday, and it was also the second-most expensive plot by total price ever sold on the Chinese mainland.
A three-member consortium led by China Minsheng Investment Corp Ltd acquired the 126,740-square-meter plot, which is designated for mixed-use purposes including residential, office and commercial.
The parcel’s average gross floor area price was 35,392 yuan per square meter, up from 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 company established in Shanghai in August with a registered capital of 50 billion yuan,” said Li Zongzhou, an analyst with Fang.com, which was previously known as Soufun.com.
Li was referring to a document released earlier by the city’s land watchdog, which stated that the developer of the land should hold over 60 percent of the office properties built on the site and can’t transfer them to other companies within 10 years. In addition, 70 percent of the total investment of the development should be completed within three years after its commencement.
The city’s previous record for a single plot by total price was set by Sun Hung Kai Properties, which paid 21.77 billion yuan for a 99,189-square-meter plot of land in downtown Xujiahui area in 2013.
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