A plot of land measuring 184,293 square meters in Xujin, outlying Qingpu District, today became the city's most expensive parcel sold this year.
Shanghai Greenland Group, together with a trading company in Fujian Province, paid 4.72 billion yuan (US$765 million) for the plot, which is designated for food and beverage facilities, hotels, offices and retail development.
Average gross floor area price for the plot was 8,539 yuan per square meter, or 6.7 percent above its starting price.
Shanghai Construction Group acquired a neighboring plot for 4.4 billion yuan in February.
A super-sized exhibition center, a joint project by the Ministry of Commerce and the local government, is planned on the two neighboring parcels. Total investment for the project may cost between 15 billion yuan and 20 billion yuan.
The project plans call for 400,000 square meters of indoor exhibition space and 100,000 square meters of outdoor space. It is scheduled to be completed by the end of 2014.