The government of Shanghai’s Pudong district has put up seven government properties on the market to capitalize on high property prices, the South China Morning Post reported. The sales were highly successful, with one piece of property – a 177,900 square meter commercial and residential site – selling for 328% higher than its initial asking price. Many analysts believe that the government is attempting to raise revenue from such sales while property prices are still high and the full impact of new property measures has yet to be felt. A handful of developers were particularly aggressive during the bidding, including Soho China (0410.HK) – which has purchased four major property holdings in Shanghai this year – and a consortium led by Gemdale Group (600383.SH) and Tianjin Wenfu Investment Fund.
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