Key facts
- A fierce bidding war occurred for a residential parcel in Shanghai's Yangpu district.
- The land was sold for 16.1 billion yuan ($2.4 billion).
- The price per square meter reached a local record of 102,000 yuan.
- State-backed developers and consortiums were the primary bidders.
Frenzied land bidding has resurfaced in China's prime cities, exemplified by a recent auction in Shanghai's Yangpu district. A consortium led by state-backed developers Poly Developments and China Resources Land engaged in a prolonged 200-round bidding war for a riverfront residential parcel. Ultimately, they secured the land for 16.1 billion yuan, equivalent to $2.4 billion, setting a new local record with a price of 102,000 yuan per square meter. This intense competition for prime real estate raises questions about whether the Chinese property market has reached its bottom.