Shanghai land sold at highest price on record

A land parcel in central Shanghai sold at a record-breaking price of 11.01 billion yuan ($1.66 billion) on Wednesday.

This means the housing price will be estimated at more than 150,000 yuan per square meter when the residential project is completed.

Rongxin (Fujian) Investment Group Co Ltd became the new "Land King" when it won a bid on the land parcel in Jing'an district, which is just two kilometers from the Bund, which borders the Huangpu River and People's Square in the city center, and three kilometers from Lujiazui, a financial hub.