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COSCO buys land for 1.9 bln yuan in Shanghai

08-05-2010 11:39 BJT

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On Wednesday afternoon, two plots of land in Shanghai's Baoshan District were sold at auction. Central Enterprises COSCO won the two plots without competition, for a total price of nearly 1.9 billion yuan.

The land in Baoshan District is the most spacious to have come up for auction in Shanghai in the past seven years. Each plot attracted interest from more than 40 developers, but only 5 parties entered the final stage of the auction. But surprisingly, there were no live bids during the auction. The whole process lasted for only ten minutes.

But China COSCO had previously made an offer online. With no other interest, it secured the land for more than 1.3 billion and more than 520 million yuan apiece. The floor price for the two plots is around 20 thousand yuan per square meter.

Developers were enthusiastic in previous online offers, and the online price increased by 30 percent up until 6pm the day before the auction.

Current housing prices in nearby areas are below 30 thousand yuan per square meter. Industry insiders predict COSCO's property development will be priced higher than 35 thousand yuan after construction.

After the national property control policy was implemented, Shanghai sold a total of 11 plots of land. 9 plots were bought by Centrally-Controlled and State-Owned Enterprises, while only two went to private companies.

Insiders also say Centrally-Controlled enterprises are optimistic about future housing prices, and that's why they are confident in investing now.

Editor:Xiong Qu |Source: CNTV.CN

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