Shimao Property wins land bid in Xiamen for RMB 709 mln

Oct. 9, 2009 (China Knowledge) - Shimao Property Holdings Limited<0813>, a Shanghai-based property developer founded by Chinese billionaire Xu Rongmao, has won the bid for a piece of land in Xiamen, Fujian Province yesterday.

Shimao Property will pay RMB 709 million for the land parcel in Siming District in the city, which has a designed gross floor area of 270,000 square meters.

A commercial complex, including office buildings, a five-star hotel and other commercial facilities will be built on the site, said Shimao Property, adding that two buildings will be 240 meters high or more.

This is the second time the property developer bought land in the city. China Vanke Co Ltd<000002><200002> won the bid for anther land parcel in Xiang'an District, Xiamen for RMB 214 million, the ask price, on the same day.

For the first half of this year, net profit of Shimao Property rose 30.42% from a year earlier to RMB 1.2 billion, with sales revenue hitting RMB 4.97 billion.