Land price soars around Shanghai Disneyland site

The announcement of the Shanghai Disneyland project has boosted the price of a piece of land close to the resort site.

The winner of the auction, Xiangyu Group, purchased the land for an amount four times the initial asking price.

It was sold for 119 million yuan, equivalent to over 14 thousand yuan per square meter.

In comparison, the average property price in the area is only 13 thousand yuan per square meter.

Some industry insiders have noted that the Disneyland theme parks in Paris and Tokyo did not raise the value of surrounding land.

 They claim some property developers are simply land traders instead of housing suppliers in China.