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On August 7, 2024, the fourth round of land auctions in Shanghai in 2024 officially started. The starting floor price of the xh128D-07 plot (202407101) in Xietu Street, Xuhui District reached 101,000 yuan/square meter, becoming the biggest focus of this land auction.

The current status of the xh128D-07 plot (202407101) in Xietu Street, Xuhui District. On August 7, Shanghai held a centralized land auction, and Greentown won the plot for 4.8 billion yuan, with a floor price of 131,000 yuan per square meter, becoming the highest-priced land in the country.

The land parcel is the former Xiaomi headquarters land parcel which is popular in Xuhui Binjiang, with a total land area of ​​16,666.04 square meters.Floor Area Ratio2.2, with a starting price of 3.696 billion yuan and a starting floor price of 108,000 yuan per square meter, which attracted seven real estate companies including Poly, China Overseas, Greentown, China Merchants Shekou and Xuhui Urban Investment Group to register for the auction. In the end, Greentown won the land at a price of 4.8048 billion yuan in the lottery stage, with a floor price of 131,000 yuan per square meter, and the premium rate reached the maximum limit of 30%.

The area where the plot is located is the riverside area of ​​Xuhui near Huangpu. It is a prime location where the Huangpu River flows through the central urban area and is the core area of ​​the central activity area of ​​Shanghai's urban planning.

The area to the west of the plot is the Xuhui Riverside Centralized Development Zone, where construction projects such as headquarters economy are changing with each passing day.

The Pudong Houtan Expo Cultural Park, which is separated from the area where the plot is located by a river, is Shanghai's urban green lung comparable to New York's Central Park. In the future, a sightseeing cable car will cross the river to connect the two places.

This piece of land also marks the first time in eight years that Shanghai has once again produced the most expensive land in China per unit price, breaking the record for the most expensive land in China auctioned in Shanghai by R&F Properties in 2016.

Greentown staff have taken over the land, established a development command center, and some machinery and equipment have been brought in.

The Xuhui riverside area is developing rapidly. The West Bank Financial City in the southwest of the land has already sprung up. It is adjacent to Huiyuan Xi to the north, Hong Kong Land·Qiyuan to the south, and Yujiangting to the east, and is tightly surrounded by luxury residences.