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@sohi
you can get a serviced apartment for less than that
I had a 2 bedroom place for £36 here
http://www.newharbourserviceapartments.cn/
good location too.
this one is nice too:
http://www.howardjohnsonallsuiteshotel.cn/
I would mix it up a bit because you get different views from the hotels.
save a bit on most days and then spoil yourself with a few days at the grand hyatt in the jin mao tower.
it's worth it.