Toppled Minhang building built on discounted land

Perhaps of no surprise, an official website has revealed that the land of the now infamous toppled Minhang building was sold at a severe discount. The official Shanghai Real Estate Appraisers Association website found that Shanghai Meidu Real Estate Co. had paid only 46 million RMB for 42,342 square meters of land - roughly 604RMB per square meter. The average price for apartments in the collapsed building was 14,297RMB per square meter. Most interestingly, it seems that bidding for the land was only open to select companies and Shanghai Meidu had gotten a temporary license specifically to participate. It makes us wonder what other weird happenings and hidden going ons were buried under those collapsed foundations. Source: Shanghai Daily