(Yicai Global) July 4 -- Yang Bing, founder and chief executive of Dewu, a Chinese fashion shopping app, snapped up a luxury mansion in Shanghai for CNY158 million (USD22 million) at auction yesterday, it has been reported.

Yang paid CNY344,000 (USD51,600) per square meter, a record high for the Green City Huangpu Bay residential community where the mansion is located, The Paper reported today.

Born in Jiangxi province in 1985, Yang ranked 32nd on the Hurun Global U40 Self-Made Billionaires 2023 with CNY10 billion (USD1.5 billion).

Yang bought the 459-sqm mansion with two underground parking spaces on South Zhongshan Road for 26 percent more than the starting bid price of CNY125 million, according to information disclosed by JD.Com's judicial auction platform.

The auction attracted 16,003 viewers, and had three bidders who went through 39 rounds of bidding.

A 233-sqm house in the same residential community sold for CNY59 million or about CNY253,000 per sqm in April, according to information from realtor Lianjia. Three properties are for sale there at prices ranging from CNY210,000 to CNY228,000 per sqm.

Editor: Peter Thomas