Greenland Group buys land in Shanghai for RMB 7.25 bln
Published: 04 Oct 2009 16:28:14 PSTOct. 5, 2009 (China Knowledge) - Greenland Group, a Shanghai-based property developer, has won the bid for a land parcel at a prime location in Shanghai, beating rivals such as Shimao Property Holdings<0813>, Shanghai Land Holdings Ltd and Poly Real Estate Group<600048>. Greenland will pay RMB 7.25 billion for the plot at Longhua Road, which comprises two pieces of land for commercial development and residential development respectively. The gross-floor-area price of the land parcel was RMB 27,231 per square meter, the highest in Shanghai so far this year. The land plot is adjacent to another two projects the company is working on now. Greenland expects synergies in developing the three projects, so as to further lower the cost. Copyright © 2009 www.chinaknowledge.com |
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