Shanghai’s industrial property booming
Prices for industrial land in Shanghai are forecast to grow 55% between next year and 2011, which in turn could push up rentals for industrial facilities by 43% over the period, the Shanghai Business Journal reported. Industrial land prices in the city have increased by almost 30% over the past two years after the central government imposed controls preventing local governments from selling industrial land at undervalued prices in order to attract investment. Shanghai’s industrial land prices jumped 49% year-on-year to US$143.46 (RMB1,063) per square meter in the first three quarters. On Wednesday, Hong Kong’s Citic Group bought a 16,427 square meter block of land in the city’s Hongkou district for US$161.95 million (RMB1.2 billion), equivalent to US$2,465 (RMB18,263) per square meter, double the price fetched by a similar piece of land in the district in January.