Hutchison Whampoa and Sun Hung Kai Properties are likely to enter the bidding race for Shanghai's most expensive piece of real estate, according to industry sources.Analysts estimate that the plot, located in the future Bund international financial service center, could fetch an auction price of nearly 11 billion yuan, making it the most expensive piece of realty in the mainland.
Officials with the Huangpu district government, owner of the plot, refused to reveal the base price for bidding, but said they expect the price to between 9 billion and 11 billion yuan indicating that the per sq m cost of the plot would be around 40,000 yuan by gross floor area.
Prominent among the other companies that participated in the meeting are CITIC Pacific, Swire Properties, GIC Real Estate, the Government of Singapore Investment Corp, and the Shanghai-based 'land king' Greenland Group.
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