Shimao, a Hong Kong-listed property developer, said it had sold two villas in the leafy Shanghainese suburb of Sheshan, one for 250m yuan and the other for 155m yuan.
The price paid for the 40,000 sq ft house is almost double the previous record of 130m yuan. According to Shimao, the house boasts a bowling alley, a wine cellar and access to a private islet.
China's property bubble burst last year, after two years in which prices doubled in some cities. Faced with spiralling prices, the Chinese government clamped down on lending at the end of 2007, requiring borrowers to put down as much as 40pc upfront for second mortgages.
The subsequent collapse left banks holding billions of bad loans and stalled construction, with many property developers freezing their land banks.
