Shanghai Industrial Urban Development Group Ltd. placed the winning bid of 2.22 billion Chinese yuan for a land parcel in Shanghai's Gumeibei District.

The approximately 34,000-square-meter site, which has a roughly 118,000-square-meter total construction area, will house a low density commercial complex comprising office buildings and other amenities.

As of Aug. 2, US$1 was equivalent to 6.72 Chinese yuan.