Gu Jia/Shanghai Daily news

The China Greentown Group has successfully taken over Donghai Plaza, the city's tallest deserted building shell, from the Shanghai Kaikai Industrial Co. Ltd for over 1.3 trillion yuan (US$ 157.19 million), reported today's Oriental Morning Post.
Sources also say that besides the preparations for restarting construction of the Donghai Plaza, the Greentown Group is also about to negotiate with the Chang Jiang Computer Group on the purchase of the third phase of the Plaza.  However both parties, the Greentown Group and the Kaikai Co, are refusing comment.
The ZK Group, which enjoys a reputation for its good investment record, big brand advantage and strong capital capacity in Jing'an District, is seen as the most disappointed company in this bidding.  It had organized a professional project team aimed at purchasing this building, which contains high business potential.
Experts are not surprised by the record bidding price, as the Donghai Plaza is located at the intersection of Nanjing Rd West and Tongren Rd, within the most prosperous business circle in Shanghai.  Some of the best office buildings, like Plaza 66 and CITIC Pacific, are in its neighborhood.
Construction work of the Plaza has been undertaken intermittently for over 10 years.  It original owner is the Chang Jiang Computer Group, who sold the Plaza to a local investment company.  After taking over the Plaza for 738 million yuan in October of 2003, the Shanghai Kaikai Industrial Co. Ltd was looking for a new owner for the Plaza by offering a base bidding price of 975 million yuan since the beginning of this January. 
China Greentown is a famous development enterprise in real estate from Zhejiang Province, whose sales volume in 2004 was as high as to 4.6 trillion yuan.