Pudong's reputation as Shanghai's financial hub has received another boost with three sites in the area sold to the Shanghai Stock Exchange, the China Securities Depository and Clearing Corp and the China Financial Futures Exchange.
The sites, next to each other in Zhuyuan Park Commercial District's ZoneA, sold for a combined 2.4 billion yuan (HK$2.68 billion) early this month.
The plots are about 10 minutes by car from Jinmao Tower, a Pudong landmark.
On top of the acquisition price, surveyors estimated that construction costs for the three developments would total more than 2 billion yuan.
A senior official of the Shanghai exchange said the land purchase was part of the national securities regulator's plan to create a zone to house a cluster of trading houses.
'But the exchange won't be relocated for at least three to five years. [Setting up the zone] is a big plan that will take a long time,' he said.
The official also said the paperwork for the purchase had not been finished yet, but gave no details.