International magnates, such as Rockefeller Group from the United States and Macquarie from Australia, have bid on a high-end plot in Shanghai's Pudong District, the Shanghai Securities News reported.

 

Other leading real estate developers bidding for the land include Hong Kong Construction (Holdings) Limited, CITIC Pacific Ltd, Hutchison Whampoa, Sun Hung Kai Properties, Shanghai Lujiazui Finance & Trade Zone, and Shanghai New Huang Pu Real Estate Co.

 

The Huangpu District 163 Plot is located in Shanghai's renowned Nanjing Road Pedestrian Street and boasts a total acreage of 13,709 square meters and a floor area ratio of 4.8, yielding a combined gross floor area of 65,803 square meters.

 

This piece of land will be used for commercial projects or office buildings and is included in Nanjing Road East's key construction projects.

 

The starting price of the plot was set at 1.718 billion yuan (US$227.25 million), a new record in Shanghai's Pudong area.

 

Foreign bidders are required to have at least US$150 million in bank deposits, high-grade office buildings, and emporia development records.

 

Domestic bidders should be accredited with the Real Estate Development Grade I and have a registered capital of more than 150 million yuan, 1 billion yuan in bank deposits and records in developing emporia and high-grade office buildings.

 

Foreign bidders will need to pay yuan for the land, if they win the bid.

 

The land will be listed from August 9 to 24. The Huangpu District real estate regulator said that bidders must submit development plans, including design prospectuses and blueprints.

 

(Chinadaily.com.cn August 16, 2007)