Red hot Shanghai realty sizzles property mart

Developers wrangle with each other to purchase land plots

SHANGHAI: Residential land prices hit a new high yesterday after heavyweight property developers wrangled over a 114,517-sq m piece of real estate in Shanghai.

After several rounds of aggressive bidding, State-owned China State Construction Property Company Ltd bought the parcel for an astonishing 3.72 billion yuan ($545 million) - 217 percent more than the starting price of 1.72 billion yuan. That put the Shanghai property, located in Yangpu district's New Jiangwan City, in the record books at 32,484 yuan ($4,756) per sq m.