Pricey land in Shanghai sold

China Minsheng Investment Co snatched a highly coveted piece of land in central Shanghai, paying a record-breaking 24.85 billion yuan ($4.06 billion) on Tuesday, the Shanghai Securities News reported Tuesday.

The piece of land, known as the Dongjiadu land area, occupies an advantageous position in Shanghai's planned financial area.

The nearby land price has been higher than 100,000 yuan per square meters and several other pieces of neighboring land also have made high price records.

China Minsheng Investment Co was launched in April with a registered capital of 50 billion yuan after raising funds from 59 domestic private enterprises.