3900.HK▲
Shanghai’s seventh batch of land auctions brings in over 9 billion yuan, with fierce competition for premium plots in core areas
All five plots in Shanghai’s seventh batch of concentrated land auctions were sold, raising a total of 9.06 billion yuan. Among them, a residential plot in Pudong’s Zhangjiang area, offered for the first time in 12 years, was won by Lianfa Group for 816 million yuan, at a premium rate of 26.92 percent. A plot in Pudong’s Tangzhen area was sold for 1.58 billion yuan after 47 rounds of bidding, with a premium rate of 28.45 percent and a floor price of 48,114 yuan per square metre. A plot in Jiading’s Nanxiang area was won by China Resources Land for 1.614 billion yuan, at a premium rate of 13.98 percent. Another plot sold in this batch, located in Jiading District, was plot 74-04 in Jiading District’s JDC1-0501 unit. Greentown China’s subsidiary, Greentown Real Estate Group, acquired it at the reserve price of 1.204 billion yuan, with a floor price of 18,200 yuan per square metre. A mixed-use commercial, residential and office complex in the core area of Hongkou’s North Bund was sold at the reserve price of 3.845 billion yuan, marking the first time Shanghai has bundled residential, hotel, office and commercial space into a single super high-rise building for sale. The market overall maintained a trend of stable volume and flat prices, with three plots sold at a premium and two at the reserve price. Premium rates ranged from 14 percent to 28.5 percent, reflecting a diverging pattern where competition for quality plots is orderly while ordinary plots are supported by reserve prices.