On Aug. 4 a Tangzhen parcel in Shanghai’s Pudong New Area (PDP0-0405 C-02E-01)
was won for 1.58 billion yuan by a consortium of Hangzhou Lvtu Real Estate
(China Tourism Group) and Shanghai Hongrun Real Estate (China Merchants Shekou,
001979.SZ). The plot drew four bidders and 47 rounds of bidding. The deal
implies a floor-area price of 48,114 yuan/sq m and a 28.45% premium; the final
price did not reach the auction’s stopping price of 1.722 billion yuan.