Shanghai's two-day land auction nets 28.96 billion yuan in funds. Newly established private enterprises win the bid for a prime land plot in Hongpu district.

On July 24th and 25th, Shanghai held the sixth batch of land auctions this year, with a total of 8 residential land parcels being sold. Over the two days, a total of 28.96 billion yuan was raised, with land parcels in Pudong and Hongkou triggering the ceiling prices, while the land parcel in Xuhui set a new national record for residential land prices per square meter. The auction on the 25th entered a heated state, and several highly anticipated land parcels were successfully sold. The Tangzhen land parcel in Pudong New Area was won by a joint venture of "China Merchants + CTS" for 27.297 billion yuan, with a premium rate of 40% and a transaction price of 52,400 yuan per square meter. The land parcel in North Bund of Hongkou District was won by Greentown for 64.72 billion yuan, with a transaction price of 126,600 yuan per square meter, and a high premium rate of 46.33%. The Hengfu land parcel in Xuhui District was won by Shanghai Qixiang Wangyu Real Estate Co., Ltd. for a transaction price of approximately 12.25 billion yuan, with a transaction price of 200,300 yuan per square meter and a premium rate of 22.38%.