The most expensive Shanghai real estate -- sold!
We can’t tell you if there’s a Shanghai real estate bubble, but what we can say that if there is, it hasn’t burst yet as the most expensive piece of land in China was sold in Shanghai yesterday.
The plot in Huangpu District was sold for a record RMB 3.41 billion -- or RMB 51,820 per square meter. This is the second time this plot has made record books. In 2007 the same Shanghai real estate was sold for a wallet-numbing RMB 4.4 billion, but was returned to the government a year later. We wish stores had as easy a return policy as the Chinese government. Hopefully though second time is the charm. The space is zoned for retail and office use.
If you want to check out this gold-medal plot, it’s on Jiangxi Zhong Lu near Nanjing Dong Lu, just south of Henan Zhong Lu.
The previous national record holder (set only a week ago) was also located in Shanghai. Shanghai Zendai Property Ltd paid RMB 9.22 billion yuan, or RMB 34,148 per square meter for property near the Bund.
In other Shanghai news...
Hack no more: The Chinese government deals another blow for internet justice as they close down the country's largest distributor of tools used in Internet hacking.
Ticketmaster: Get the story behind Ticketmaster China’s recent demise.
Expo art: Check out a pixel art postcard of 2010 Shanghai Expo China Pavilion.
Welcome the end: 2010 Shanghai Expo China Pavilion finally finishes construction after two years.
Hop on: Your crash course -- no pun intended, well, kind of -- on how to instruct a Shanghai gypsy cab.
Station closing: Zhangjiang Hi-Tech Park station will be closed from February 14-23 to prepare for the opening of the eastern extension (out to Pudong airport) of Line 2.
Self-serving: Shanghai sex shops, from the erotic to the experimental, laid bare.
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