Home > Community > China Biz > Wanda acquires land in Changchun for RMB 110 mln

Wanda acquires land in Changchun for RMB 110 mln

Published: 05 May 2009 20:12:29 PST

Top 5 News From ChinaKnowledge.com

GM China sales up 50% in April
Oceanwide Real Estate to issue RMB 3.2 bln in corporate bonds
Hang Seng Index opens 81.32 points lower on Wed
China to release stimulus plan for new energy sector
Guoyuan Asset Management to launch US$300-mln PE fund

May 6, 2009 (China Knowledge) - A Jilin Province-based subsidiary of Dalian Wanda Group Co Ltd, specializing in commercial properties, luxury hotels, cultural industries and chain stores, on May 4 won a bid for a piece of undeveloped land in Changchun City, the capital of Jilin Province, for RMB 110 million, sources reported.

The land, located in the city's Chaoyang District, covers an area of 11,227 square meters (sq m), of which residential properties will cover 8,982 sq m and commercial properties will cover 2,245 sq m.

Wang Daqing, general manager of the group's Changchun branch, said that the new mixed-use project will begin to sell in July.

In the period from last October to March of this year, Dalian Wanda spent RMB 10 billion to buy land in major Chinese cities such as Shanghai, Tangshan and Chengdu.

Dalian Wanda will start a RMB 3.3 billion project in Tianjin this month and will build five to ten Wanda Plaza commercial projects in Beijing.

Reportedly, the group has obtained RMB 850 million in credit from Bank of China<601988><3988> for the construction of two hotels in Sanya City, Hainan Province.

Copyright © 2009 www.chinaknowledge.com