China’s Biggest Land Deal Of 2012 Just Closed Yesterday

Shanghai's Hongkou District

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Despite China’s efforts to contain its blazing hot property market, prices only seem to be going higher, and the land deals are getting bigger.Shanghai Daily reports that a plot of land in Shanghai’s Hongkou District was sold for 5.68 billion yuan or $908.8 million, which comes out to around $37.32 per square meter.  This was reportedly 21 per cent higher than the starting price.

This is the biggest land deal of the year.

The plot will be used for office and retail purposes.

Earlier this month, a plot of land was sold in Nanjing for 5.62 billion yuan.