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'Disneyland' effect fetches record sum for nearby plot

By Wang Ying | China Daily | Updated: 2009-11-05 08:44

SHANGHAI: Just a couple of hours after the Chinese government approved the Shanghai Disneyland project, a nearby parcel of land was snapped up for a whopping 1.19 billion yuan by a little-known Xiamen-based property developer at an auction in the city yesterday.

The plot, situated just 3.3 km away from the proposed Disneyland site, occupies an area of 56,570 sq m.

A total of 15 bidders, including Poly Real Estate Group and Shanghai Jielong Group, took part in the auction, but a State-owned company from Fujian province, Xiangyu Real Estate Co Ltd, offered the highest amount, which was 264 percent more than its reserve price of 362.8 million yuan.

'Disneyland' effect fetches record sum for nearby plot

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