Hopson Dev't buys 36 pieces of land in Ningbo

Sep. 25, 2009 (China Knowledge) - Hopson Development Holdings Ltd<0754>, which principally develops high-end residential properties, has spent approximately RMB 1.37 billion to acquire the land use rights of 36 pieces of land in Hangzhou Bay New Zone, Cixi, Ningbo, Zhejiang Province, sources reported.

The 36 pieces of land, which have a combined land area of 1.53 million square meters, are expected to be used for high-end residential, commercial and hotel development purposes.

Being in the center of the Shanghai-Hangzhou-Ningbo area, Cixi enjoys convenient transportation and is also home for quite a number of wealthy Chinese entrepreneurs. The New Zone is expected to attract 500,000 residents.

Besides Cixi, Hopson also targets at the high-end property market in South China. According to an earlier report from China Knowledge, Hopson will sell villas in three projects in Guangzhou during the National Day holiday. The villas will all be priced at about RMB 10 million each.

Shares of Hopson fell 2.9% to close at HK$13.4 yesterday.