Action hots up on the Bund real estate front

SHANGHAI: Real estate prices in the city are on the boil again after Hong Kong-listed Zendai Group yesterday bought a plot near the Bund area for a record price.

Zendai was among the four realtors who were in the fray for the 45,472 sq m site, that was finally sold for 9.22 billion yuan, or 34,148 yuan per sq m in gross floor area.

The record price comes at a time when the nation is taking steps to cool domestic property prices that soared nearly 7.8 percent by December in the 70 major cities, over the same period in 2008.