Shanghai's sixth batch of land sales this year brought in 23.514 billion yuan from three parcels, led by two heavily contested core-area sites in Yangpu and Xuhui, according to Jiemian News. The Yangpu Bund plot at Babaitou was sold to a Poly Development and China Resources Land consortium for 16.12 billion yuan after 219 rounds of bidding, with a floor price of about 102,000 yuan per square meter and a 35.83% premium. The Xuhui Kangjian plot was won by Poly Development for 7.06 billion yuan after 96 rounds, with a floor price of 79,072 yuan per square meter and a 24.51% premium. The third parcel, in Fengxian New Town, was sold for 334 million yuan at the reserve price.
The Yangpu site, which had the highest starting price at 11.868 billion yuan, covers two residential subplots and one mixed-use plot near the Huangpu River and Metro Line 4. A total of eight developers formed four bidding groups for the parcel, and Poly Development had already disclosed a planned investment of 19.5 billion yuan before the auction. The Xuhui plot, a former factory site on the Kangjian block, had a starting price of 5.67 billion yuan and is expected to end years of residential supply drought in the area. Poly Development had also announced a planned investment of 11 billion yuan for that site before bidding began.
Shanghai Sixth Land Auction Raises 23.514 Billion Yuan as Poly and Vanke-Like Rivals Split Key Plots
2026-07-28 09:22:44
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