Land sales hit new record in Shanghai

Shanghai sold 200 billion yuan ($33 billion) worth of land as of Dec 12 this year, marking a new annual record, sources said.

Three land sites were sold for a total of 1.9 billion yuan on Dec 12.

The city has generated up to 15 billion yuan by selling 13 land parcels in the first twelve days of December, the National Business Daily reported on Monday.

Another land transfer fee record is expected to be achieved in the second half of December as more land plots go up for sale.

Xue Jianxiong, research director with China Real Estate Information Corp, said the new record was driven by bidding for prime downtown land sites.

A piece of land in Shanghai's downtown Xujiahui district was sold for 21.77 billion yuan in September, becoming the nation's most valuable land site since 2010.