An 82,226-square-meter plot of land designated for residential use in Shanghai’s Zhabei district became the city’s first to sell at its starting price this year. Per gross floor area (GFA) the plot fetched CNY1.579 billion or about CNY12,000 per square meter. The plot attracted few bidders at the auction. New homes in the neighborhood sell for as much as CNY28,500 per sq m. In the first half, plots auctioned for residential use sold for an average of 91% above the asking price.