Property Bid Fires Real Estate

China’s government may be splashing cold water on the nation’s property market but one buyer has just doused it with gasoline.

Associated Press

A new national record price was paid this week for undeveloped land designated for residential use in Shanghai, prompting analysts to speculate the deal could singlehandedly underpin apartment prices in what is already one of the nation’s priciest and most closely watched real-estatemarkets.