A 74,091-SQUARE-METER land parcel in Zhaoxiang, a famous Shanghai Villa area, Qingpu District of Shanghai yesterday fetched 1.62 billion yuan (US$243 million) - a record for the area by per gross floor area price.
The plot, meant for residences, was sold for more than 21,000 yuan per square meter. That compared to the previous record of 14,500 yuan per square meter which was set in July 2009 by Gemdale Corp.
Trade Pro Investments Ltd acquired the land which was offered at a starting price of 556 million yuan. There was market speculation it is a project company set up by Hutchison Whampoa (0013.HK) but it still remains to be confirmed by the Hong Kong firm.
Analysts said the per GFA price of the plot did exceed market expectations, but the developer may still be able to make a hefty profit because housing prices in Zhaoxiang, a high-end residential community in the city, still have room to rise in the next few years.
The plot, meant for residences, was sold for more than 21,000 yuan per square meter. That compared to the previous record of 14,500 yuan per square meter which was set in July 2009 by Gemdale Corp.
Trade Pro Investments Ltd acquired the land which was offered at a starting price of 556 million yuan. There was market speculation it is a project company set up by Hutchison Whampoa (0013.HK) but it still remains to be confirmed by the Hong Kong firm.
Analysts said the per GFA price of the plot did exceed market expectations, but the developer may still be able to make a hefty profit because housing prices in Zhaoxiang, a high-end residential community in the city, still have room to rise in the next few years.
Read more Shanghai Property Market Update: http://shanghai.villable.com/market_commentary_list_content-lang2-1749.html
Shanghai land price keep rising will trigger the property further rise after one - two years. It is hard for the central government to control the property investment if the inflation continue to rise...
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