Tuesday, February 09, 2010

3.41 Billion! Huangpu Land Kings

Cover photo and story from Oriental Morning Post

The land lost 1 billion RMB in value over 2 years (it was returned because of a delay due to subway station being built)


the winning bidders, who outbid two Hong Kong real estate companies, were two Shanghai state-owned enterprises including, particularly, "New Huangpu Group", a company listed on the Shanghai Securities Exchange and owned by the Huangpu district SASAC (state assets supervision and administration commission), trading code 600638.

Here is a translation:

3.41 Billion! The Former Huangpu Land King Falls Thirty Percent
Link is here

The New Huangpu (Group) Limited Liability Company, a company under the control of the Huangpu District SASAC (Shanghai), and Shanghai New World Share Limited Company joined together yesterday to purchase the land parcel at the 163 neighborhood of Nanjing East Road in Huangpu District for 3.41 billion yuan in an auction (see photo). The auction had only three participants but went through 41 rounds of bids before it quietly came to an end. The parcel is still the “sole king of land prices in China” but it fell thirty percent from its initial price of an astronomical 4.404 billion yuan two years ago.