A 10,239-square-meter land plot in downtown Hongkou District, designated for office and retail development, fetched 1.044 billion yuan (US$169 million) yesterday, or 49 percent above its starting price, more evidence of the continuous buoyant sentiment in Shanghai's real estate market.

Shanghai Sunac Greentown Holding, a joint venture formed last year between Greentown China and Sunac China Holdings, paid an average 26,832 yuan per square meter for the parcel in Tilanqiao area.

"High-quality office and retail spaces in the northern Bund area cost more than 50,000 yuan a square meter at the moment, leaving enough room for the developer to make profit on this project," said Zhao Baogeng, an analyst with Shanghai Deovolente Realty Co.

Sunac Greentown Investment Holdings Ltd, which is a non-wholly-owned subsidiary of Sunac China, said in a filing to the Hong Kong stock exchange late on Tuesday that it had entered into a facility agreement with a couple of lenders, from both home and overseas, to receive US$400 million in loans on a three-year term.

Shanghai saw robust momentum in its land market in the first six months of this year. Between January and June, 4.66 million square meters of land, excluding those for public use, were sold across the city for 70.3 billion yuan, an annual surge of 120 percent and 379 percent, respectively, according to figures released earlier by Soufun.com.