(Yicai Global) Sept. 15 -- Chinese real estate developer Country Garden Holdings Co. [HK:2007] has secured a commercial property in downtown Shanghai at a price of USD156 million (CNY1.02 billion). It will be used to introduce hi-tech internet companies.

Three enterprises, Country Garden, China Vanke Co. [SHE:000002] and Ronshine China Holdings Ltd. [HK:3301], placed bids, Guandian.cn reported today.

The property, which is on the East Bund in Yangpu district, covers a land area of 16,100 square meters with a floor area of 40,300 square meters, making the average price per square meter USD3,879.

In line with the land transfer agreement of the government, the plot will be made into a hi-tech center focused on internet economy, attracting well-known businesses specializing in software, electronic information, energy-saving and environmental protection, cloud computing and the Internet of Things to set up headquarters or branches there.