Shanghai Sells Residential Land at Record Amid Competition
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Shanghai sold a residential plot of land at a record price amid rising competition among developers for sites in cities with fast price gains as some local governments tighten property curbs.
The 96,429-square-meter (1 million-square-foot) site, north of the city, was sold for 1O.1 billion yuan ($1.7 billion) to Franshion Properties China Ltd. today, the official Xinhua News Agency reported. The total price was a record for a residential plot in the city, according to China Real Estate Information Corp., or CRIC, a property data and consulting firm.