Rebounding property prices are driving developers to pay more for prime land, with two new price records being created within 24 hours in the nation's financial hub and the capital.

A large piece of land in Shanghai's downtown Xujiahui area was sold for 21.77 billion yuan ($3.56 billion) on Thursday, becoming the nation's most valuable plot since 2010.

Hong Kong developer Sun Hung Kai Properties Ltd outbid its regional rivals Wharf (Holdings) Ltd and Henderson Land Development Co Ltd by offering 4.2 billion yuan above the opening price of 17.5 billion yuan.