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Land plots set a 2012 record
By Ding Yining |
October 11, 2012, Thursday
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Print Edition
Print Edition
TWO plots of land zoned for commercial, residential and office use sold for 4.5 billion yuan (US$715 million) at auction yesterday - the most expensive land transaction in Shanghai this year.
An investment fund consortium backed by state-owned developer Poly Real Estate Group snapped up the two pieces of land in Xuhui District after intense bidding for the 66,530.1 square meters.
Poly's two subsidiaries, Xinbao (Tianjin) Equity Investment Co and Poly Jianjin Co, wrapped up the auction after more than 100 rounds of bidding. The former is a fund management firm backed by Poly Group which focuses on real estate investment while the latter is a unit of Poly's Shanghai branch.
The asking price for the two plots was 3.15 billion yuan.
The south side of the area is just one block away from the Huangpu River.
Last year, the city's most expensive land transaction was the 4.52 billion yuan paid by Shanghai Real Estate (Group) Co for a plot at Century Avenue.
Another two land parcels, in Jiading District and the Pudong New Area, were auctioned yesterday, and fetched a total of 1.68 billion yuan.
Yang Hongxu, vice director for E-house China Research and Development Institute, said private funds were now becoming more aggressive in the search of higher returns.
Developers and state-owned enterprises used to play key roles in the land auction market and often set record highs. However, the number of plots available has declined and their sentiment is not as high as before.
The city's revenue from land sales fell in 2011 from a year earlier amid a cooling property market. Revenue came in at 152.5 billion yuan last year, compared to 2010's 195 billion yuan, according to the Shanghai Finance Bureau.
The highest price paid for a Shanghai plot was the 9.2 billion yuan from the Zendai Group for 45,471.9 square meters in the Bund area in 2010.
An investment fund consortium backed by state-owned developer Poly Real Estate Group snapped up the two pieces of land in Xuhui District after intense bidding for the 66,530.1 square meters.
Poly's two subsidiaries, Xinbao (Tianjin) Equity Investment Co and Poly Jianjin Co, wrapped up the auction after more than 100 rounds of bidding. The former is a fund management firm backed by Poly Group which focuses on real estate investment while the latter is a unit of Poly's Shanghai branch.
The asking price for the two plots was 3.15 billion yuan.
The south side of the area is just one block away from the Huangpu River.
Last year, the city's most expensive land transaction was the 4.52 billion yuan paid by Shanghai Real Estate (Group) Co for a plot at Century Avenue.
Another two land parcels, in Jiading District and the Pudong New Area, were auctioned yesterday, and fetched a total of 1.68 billion yuan.
Yang Hongxu, vice director for E-house China Research and Development Institute, said private funds were now becoming more aggressive in the search of higher returns.
Developers and state-owned enterprises used to play key roles in the land auction market and often set record highs. However, the number of plots available has declined and their sentiment is not as high as before.
The city's revenue from land sales fell in 2011 from a year earlier amid a cooling property market. Revenue came in at 152.5 billion yuan last year, compared to 2010's 195 billion yuan, according to the Shanghai Finance Bureau.
The highest price paid for a Shanghai plot was the 9.2 billion yuan from the Zendai Group for 45,471.9 square meters in the Bund area in 2010.
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