A Shanghai commercial property land price record was set on May 9.

Taipei-based Far Eastern New Century Corp will pay 978 million yuan ($159.4 million) for a 6,100-square-meter land parcel in the former Shanghai Expo area.

That means the land price hit a new high of 40,079 yuan per square meter of gross floor area.

Six land plots in the expo area were auctioned off within two days for a total 5.45 billion yuan.