Wharf (Holdings) yesterday bought a residential site in Hangzhou for 24,621 yuan (HK$27,992) per square metre, a record for the city in terms of floor area. Wharf's winning bid of 2.02 billion yuan saw off competition from Greentown China Holdings, Binjiang Real Estate and Youngor Group. The price surpassed a record set in August by local developer Hangzhou Xizi Group, which paid 24,295 yuan per sq m for a residential site. Wharf's 24,002 sq m site near the city centre could provide a maximum gross floor area of 82,000 sq m.