Land sales surge in first-tier cities

Shanghai government sells 10 plots on Wednesday alone for 10.64b yuan

Land sales in Shanghai have ended the year on a high, highlighting a growing appetite by developers for plots in first-tier cities as oversupply risks continue in smaller cities.

One parcel of land in Qiantan, an area the authorities plan to transform into another Pudong New Area, sold for 1.61 billion yuan ($259 million) on Wednesday to a consortium led by Gree Real Estate Co Ltd, which set a record high this year by floor price.