Real estate company Shenzhen Overseas Chinese Town Holding (OCT) (000069) acquired a land parcel in Zhabei District, Shanghai for 7.02 billion yuan, or 52,855 yuan per square meter, reports, reports Shanghai Securities News. The per unit price set a new record for land sales, surpassing 51,821 yuan per square meter paid for a plot in Shanghai’s Huangpu district earlier this week. The minimum bid price for the land was 4.7 billion yuan.
The transferred land occupies 35,600 square meters. According to the land’s development plan, a high-end hotel, residential housing, and other entertainment facilities will be built, along with public facilities and green space. OCT must pay half the acquisition price within 15 days of signing the land transfer contract.