Developer breaks Shanghai land auction record

Nanjing Suning Real Estate Development，a subsidiary of Suning Universal, has bought a business block on Nanjing Road in Shanghai for US$580 million, a record price for a land auction in the city, Shanghai Securities News reported (in Chinese). Bidding for the No. 163 block in Huangpu district was competitive, with 10 property firms participating the auction. Of the 10, Suning was the only domestic company. Analysts attributed the high price to the short supply of land in Shanghai's central business district, as well as the high amount of capital investment in the city's real estate sector.