Greenland Group acquires Shanghai land for RMB 1.2 bln

May 15, 2009 (China Knowledge) - Greenland Group, a Shanghai-based property developer, purchased a piece of land for RMB 1.2 billion or RMB 11,798 per sq m of potential floor area in Xuhui District, Shanghai on May 13, representing the city's highest land purchase price so far this year, sources reported.

On the site, the group will build commercial buildings covering area of 3.30 hectares and potential floor area of 101,700 sq m. The project will include a three-story, 36,000-sq m shopping mall and two office buildings with 66,000 sq m in floor area. The floor area ratio will be no more than 3.0, and the building density will be less than 45%.

Two weeks ago, the property group acquired a piece of land for 957 million on Chenhua Road, Songjiang District, Shanghai and purchased a piece of land for RMB 33.16 million in White Crane Town of the same city. Therefore, the enterprise has spent a total of RMB 2.2 billion and obtained 358,000 sq m in potential floor area within ten days. 

Greenland announced on Mar. 31 that it intends to invest RMB 10 billion in property development, service industry construction and urban redevelopment in Jiading District, Shanghai, China Knowledge reported.