(Yicai Global) Sept. 28 -- Chengdu Public Resource Exchange and Service Center plans to auction 199,956 square meters of commercial and residential land near Qinhuang Temple in the city's Tianfu new district, it said on Sept. 26.

The plot will be sold for the construction of a 677-meter-tall skyscraper, which will be the highest in China and second highest in the world.

Bidding will start from CNY7.7 million (USD1.17 million) per 666.67 square meters (known in China as 1mu).

After completion, the development will strip the 632-meter-tall Shanghai Tower of its tallest building in China title. The world's highest tower at present is the Burj Khalifa Tower in the United Arab Emirates, at 828 meters.