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12.28.2012 17:31

Commercial Plot Sold for 2012-Record Price

Developers in Shanghai bid high for the land in Hongkou, suggesting a real estate market recovery
By staff reporters Wang Xiaoqing and Yang Qiubo

(Shanghai) – A consortium bought a commercial plot in Hongkou District, northeast Shanghai, for 5.68 billion yuan December 26 amid what's being called a recovery for the land market in first- and second-tier cities nationwide.

The local government sold the 40,577 square meters, where developers plan to build more than 240,000 square meters of retail and office space, for 23,330 yuan per square meter.

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