(Yicai) March 29 -- A high-end residential compound in downtown Shanghai sold out on the opening day yesterday, bagging CNY19.7 billion (USD2.7 billion), the most ever on a single day in China's history.

All 512 units in the top residential development in the shopping and entertainment hub of Xintiandi, were snapped up at an average price of CNY40 million (USD5.5 million) per unit. This equates to an average price of CNY172,000 (USD23,811) per square meter. In all there were 738 people vying for the properties.

Sales of the complex, built by state-backed China Overseas Land & Investment, broke the previous record of CNY19.6 billion held by a Shenzhen luxury residential compound developed by China Resources Land on its opening day in November 2020.

China Overseas Land is conducting a CNY60 billion (USD8.3 billion) renovation of Shanghai’s Xintiandi Historic District, the firm’s biggest project ever. The Hong Kong-based company is upgrading residential and commercial buildings as well as public green spaces, according to the deal it signed with Shanghai’s Huangpu district in August 2020.

Shanghai's luxury housing market has picked up recently thanks to supportive policies. The average price of the city’s two best selling developments in March was more than CNY160,000 (USD22,150) per square meter and over 100 units were sold for each, according to data disclosed by Shanghai Centaline Real Estate.

Editors: Dou Shicong, Kim Taylor