General view of the plot of Xu Jia Hui Center bought by Hong Kong property developer Sun Hung Kai Properties Ltd. in Shanghai, China, 5 September 2013. Hong Kong property giant Sun Hung Kai Properties Ltd. paid one of the highest prices ever for a piece in land in China, snapping up a downtown Shanghai site for a total of 21.77 billion yuan (US$3.57 billion) Thursday (5 September 2013). Hong Kongs largest developer by market value won the right to develop the commercial site at an auction Thursday, the company said. Sun Hung Kais bid for the land in the citys Xujiahui district was 24.2% higher than the starting price of 17.53 billion yuan. It was higher than a competing bid submitted by rival Wharf (Holdings) Ltd., local media Shanghai Evening Post reported. This project, currently named Xu Jia Hui Center is zoned for office, retail and hotel use, and has a total gross floor area above ground of 584,203.6 square meters. This translates into a cost of 37,264 yuan a square meter. Sun Hung Kai, which has recently opened an office and shopping center complex in the city called Shanghai ICC along Huaihai Road, also built the Shanghai IFC, another mixed-use project that includes office, retail and the Ritz Carlton hotel in Pudongs Lujiazui district.(Imaginechina via AP Images