THE record for Shanghai's most expensive land plot, set a week ago, was beaten yesterday after a land parcel in Zhangjiang High-tech Park was sold for 4.87 billion yuan (US$794 million).

China Vanke Co and Shanghai Zhangjiang Group paid a unit price of 21,415 yuan per square meter, or 88.6 percent above its starting price, for the 79,548-square-meter plot, designated for commercial and residential development. They outbid other major property developers, including Poly Real Estate and China Overseas Property.