A land plot in Shanghai has been sold for a record price.

Sun Hung Kai Properties paid 21.8 billion yuan ($3.6 billion) for a commercial property at an auction in Shanghai yesterday, a new high for the city.

Sun Hung Kai, Hong Kong's largest developer, beat out many other bidders for the Xu Jia Hui Centre Project site, which was touted as the "largest and last prime site in the city center" in a corporate statement. The project will be close to the Xu Jia Hui metro station and will be located in Shanghai's business heart, the Xuhui District.

In a statement, SHKP chairman and managing director Thomas Kwok said, "The Xu Jia Hui site is in a prime position with enormous development potential." "We are delighted to have won the project...we are committed to high-quality developments and have considerable expertise developing major integrated projects in Hong Kong and on the mainland," said the company. qatar dale

The project will have a total site area of more than 1.06 million square feet and a gross floor area of roughly 6.28 million square feet above ground. The developer has preliminary designs for a commercial complex that will include 70% premium offices and 30% retail and hotel space.

According to the company's website, Sun Hung Kai now has 72.8 million square feet under development in Mainland China and 9.5 million square feet of completed investment properties on the mainland.

The land purchase is in line with the developer's plan to invest in major mainland cities. According to the statement, the organization received global recognition as a result of two linked projects.

"Office and mall leasing at Shanghai IFC and Shanghai ICC have been remarkable, and the Shanghai IFC mall and the iAPM mall are opening in stages with good traffic and turnover," said Raymond Kwok, chairman and managing director of SHKP. "The initiative is intended to add to the group's consistent recurring income while also strengthening its position and brand in the mainland market," says the company.

Despite concerns that the housing market in China has reached its peak, land prices have soared across the country. According to Reuters, a residential site sold at a Beijing auction earlier this week for 2.1 billion yuan, the highest price permitted by officials. Sunac China Holdings won the residential site after outbidding seven other bidders at 73,000 yuan per square meter.

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