A joint venture between China Resources Land or CR Land (HKG:1109) and China Overseas Land & Investment (HKG:0688) placed the winning bid for land use rights to a site in Shenzhen.
The consideration under the land use rights grant contract is 18.5 billion yuan, according to a Monday filing with the Hong Kong Exchange.
The land parcel has a site area of 38,566.56 square meters and could yield a gross floor area of 263,000 square meters. It is located in the Yue Hai Subdistrict, Nanshan District, Shenzhen.
The JV was granted 70 years of land use rights for residential and commercial development.
CR Land said the acquisition will boost its land bank in Shenzhen, a key city for the group.
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