Shanghai Disneyland Adds to Local Property Price Sizzle

(Shanghai) – The real estate arm of China's largest food company in terms of revenue has paid 235 percent more than its initial bid per square meter to purchase a plot of land near the newly opened Shanghai Disneyland, the city government said.

COFCO Property Group Co. Ltd., a subsidiary of China National Cereal, Oils and Foodstuffs Corp., paid 42,000 yuan per square meter for a parcel of land located 12 kilometers from the theme park, a statement released by the Shanghai city government on June 29 showed. The final deal for the 57,000 square meter residential property was valued at 2.44 billion yuan, or US$ 369.7 million, after a heated bidding war with 22 other developers, the statement said.