China Vanke and Greenland Group pay 5.4b yuan for Shanghai site

A consortium led by China Vanke and Greenland Group bought a commercial site in Shanghai for 5.43 billion yuan (HK$6.73 billion) yesterday, the highest price paid in the city this year.

"It shows that developers are upbeat about the commercial property market in Shanghai, given that they are willing to pay more than 5 billion yuan for a site," said Jim Yip Kin-shing, the managing director of investment at DTZ China.

via Business feed http://www.scmp.com/business/china-business/article/1103990/china-vanke-and-greenland-group-pay-54b-yuan-shanghai-site