Record for Shanghai land sale

Shanghai sold a mixed-use plot of land at a record price on Tuesday, giving ample signals that the city's sluggish property market is recovering quickly due to the limited supplies of prime real estate.

The plot in the southern end of the Bund was sold for 24.85 billion yuan ($4.06 billion) to three joint buyers. The previous record was a 21.77 billion yuan deal made in Shanghai's Xujiahui area last year.

The three buyers - China Minsheng Investment Co Ltd, Shanghai Bund Investment (Group) Co Ltd and Shanghai Jiadu Properties - purchased the land for an average net price of 35,392 yuan per square meter. The land parcel will be developed as a project with residential, commercial and office buildings.