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Shanghai Approves City’s Most Expensive Homes Amid Downturn

Shanghai, China’s financial center, has approved a developer to seek the highest ever home prices in the city, in an effort to boost its sluggish luxury home market.

Shenzhen Overseas Chinese Town Co. can set prices for its high-end residential properties as high as 298,000 yuan ($48,100) per square meter (10.76 square feet), according to the website of the city’s real estate trading center. That’s the highest asking price ever in the metropolis, according to SouFun Holdings Ltd., China’s biggest real estate website, and realtor Centaline Group.