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Shanghai developer wins Bund site for 9.22b yuan
The Standard,  02 February , SophieHe

Shanghai Zendai Property (0755) has successfully fought off rivals in an auction and bought a site near the Bund in Shanghai for 9.22 billion yuan (HK$10.48 billion) - the highest price ever in the mainland's financial hub.

The sale went ahead despite heightened fears that the authorities will raise interest rates to cool down the red-hot property sector.

Several Shanghai-based developers including Zendai, Forte Land (2337) and Shanghai New Huangpu Group bid for the 45,472-square- meter site. The final bids were between Zendai and a consortium comprising China Enterprise, China Pacific Life Insurance and Taikang Life.

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