Shanghai’s property fever appears to be easing with a group of investors led by Xiamen-based ITG Real Estate securing three sites in Songjiang district at auction Wednesday for a combined 2.74 billion yuan (US$442.4 million), China Business News reported Thursday. The average floor price for the sites is 11,364 yuan per square meter, 1,100 yuan below that paid for an adjacent site bought last year by Evergrande Real Estate Group Ltd. (03333.HK), the report said. On top of that, Evergrande did not bid this time. Meanwhile, the amount of land put up for auction by the city in the first 19 days of the month was just 111,000 square meters, one-tenth of the 1.1 million square meters for the whole of January, the report said.
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