Shanghai sees another foreclosure property transaction exceeding 100 million yuan, industry insiders say the 109 million yuan foreclosed villa is a bargain price.

Recently, a villa in the well-known Chinese luxury residential area "Jiujiantang" in Shanghai was auctioned off, with the final transaction price exceeding 100 million yuan, reaching 1.09 billion yuan. According to statistics from First Financial Journalist, this is the third Shanghai luxury residence with a transaction price exceeding 100 million yuan that has been transacted on the Taobao judicial auction network platform this year. According to the Taobao judicial auction platform, the subject property "No.60, Lane 599, Fangdian Road, Pudong New Area, Shanghai" had a starting price of 1.03 billion yuan, a bidding deposit of 12 million yuan, and a minimum bid increment of 100,000 yuan. On June 20th, the auction of this detached Chinese-style villa with a building area of 682 square meters received 28,000 views, with two bidders competing for 9 rounds. In the end, the user named Hou Lei won with the highest bid, at a premium rate of 5.8%, and a transaction price equivalent to approximately 160,000 yuan per square meter. "With prices of over 100,000 yuan per square meter, it is almost the same as the price of apartment products in the area. Jiujiantang's detached villa products are actually quite scarce and of high standard, so I think the transaction price of 160,000 yuan per square meter can be considered a 'bargain' in the judicial auction market," commented Lu Wenxi, a senior analyst at Shanghai Zhongyuan Real Estate, to First Financial Journalist.