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Xuhui land purchase sets mainland record

Cao Qian
A record 31.05 billion yuan (US$4.43 billion) is paid?by a Hong Kong-listed property investment, management and development company for a large plot in downtown Shanghai.?
Cao Qian

A large land parcel in downtown Xuhui District was sold for 31.05 billion yuan (US$4.43 billion) on Thursday, becoming the most expensive plot by total price ever sold on the Chinese mainland.

Hong Kong Land, the listed property investment, management and development arm of Hong Kong conglomerate Jardine Matheson Holdings Ltd, acquired the 320,000-square-meter plot, which is designated for mixed-use purposes including residential, office, retail, culture and sport.

Consisting of 28 plots, the high heel-shaped parcel, located along the Xuhui waterfront area, has a total gross floor area of around 1.8 million square meters including 1.08 million square meters above ground.

Average gross floor area price of the parcel, with a starting price of 31.02 billion yuan, stood at 28,565 yuan per square meter if underground space is excluded.

The parcel, which has some 1.2-kilometers of Huangpu riverbank, will comprise over 660,000 square meters of offices, over 260,000 square meters of retail, about 47,000 square meters of commodity housing and over 156,000 square meters of rental apartments, according to a document released by the city’s land watchdog.

The country’s previous record for a single plot by total price was set by a consortium of China Merchants Shekou Industrial Zone Holdings and Overseas Chinese Town Group, which paid 31 billion yuan for a 528,200-square-meter plot in Shenzhen, Guangdong Province in August 2016.

Founded in 1889, Hong Kong Land currently owns and manages more than 850,000 square meters of prime office and luxury retail properties in key Asian cities, principally in Hong Kong, Singapore, Beijing and Jakarta, according to the company’s website.

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