Shanghai Daily news

A four-story office building in Lujiazui of Shanghai's Pudong New Area looking on the Huangpu River is to be sold through a public auction next month, a company official said yesterday.
Shanghai International Commodity Auction Ltd, the auctioneer for the building, said the floor price has not been decided yet and declined to disclose the client's name.
The building, with a floor area of 6,513 square meters, is part of Fortune Plaza that comprises seven independent buildings along the Huangpu River.
Earlier media reports said the Fortune Plaza project was built by Shanghai International Port (Group) Co Ltd, Sinochem Corporation and Shanghai Land Resources Group with a total investment of 800 million yuan (US$98.6 million).
Four buildings of the project have been sold at an average price of more than 61,063 yuan per square meter to date, making it most expensive office complex in the area due to its unique location.
The seven buildings, all at the same height of 27 meters, are arranged in a 400-meter-long river line starting from Dongchang Road in the north and ending at Shangcheng Road in the south.
Among the buyers of the four buildings are Shanghai Automotive Industry Group, Shanghai World Expo Holding Co, Unique Success Pte Ltd and a domestic private company, the auctioneer said.
Driven by institutional investors' increasing interest in the city's commercial properties, the average sale price of Shanghai's grade-A office hit US$3,688 a square meter in the third quarter, up 9 percent from the second quarter, Colliers International's latest industry report showed.
The price is estimated to grow 5 to 6 percent further in the fourth quarter, the report said.
Meanwhile, Lujiazui's office market demand maintained its upward momentum in the third quarter with average rental rising to US$93 cents a square meter per day, a 16.25 percent rise from a year ago.
The report forecast the rental rate may grow another 4 to 5 percent to the end of the year on limited supply and growing demand.
Shanghai Lujiazui Finance & Trade Zone Development Co, a state-owned developer of the city's financial district, stopped a public bidding for a prime plot of land in Lujiazui earlier this month.
Market speculation said the company may reserve the land for its own property development, lured by long-term investment return from renting units out.