Developers interested in the land formerly earmarked for a project that would have given Shanghai the world's tallest Ferris wheel will be required to come up with 600 million yuan (US$76.92 million) just to get into the competition for the North Bund plot.　

The Shanghai Housing and Land Resources Administration Bureau Website said that bidders must hand over a 200-million-yuan deposit and set aside the balance to show "sincerity." It wasn't clear how the requirement for the 400 million yuan would be satisfied, however.

A real estate developer from Zhejiang Province acquired the land-use rights on the parcel for 1.5 billion yuan two years ago, a record at the time. But the firm didn't start construction on schedule, and the deal was canceled by city government.

The land bureau's latest statement made clear that the highest bid will win the right to use the parcel. The 35,210-square-meter plot is located on the north bank of the Huangpu River in Hongkou District. It will be used for the development of commercial and office properties, according to the city's planning blueprint.

Source:未知