The Xujiahui Center Project is seen in this photo. Dubbed as the last prime site in downtown Shanghai, it is listed for auction with a starting price of 17.5 billion yuan (US$2.8 billion). The area covers approximately 9.9 hectares and will be mainly developed for commercial offices, restaurants and hotels, said Shanghai Municipal Planning and Land Resources Administration. The project requires more than 40 billion yuan investment, which will likely be co-developed by a group of property developers. The sales will shatter the previous price record setter - the area on the Bund that was sold in 2010 for 9.2 billion yuan.