China Resources Land buys land in Hangzhou for RMB 2.77 bln

Oct. 28, 2009 (China Knowledge) - China Resources Land Ltd<1109>, the Hong Kong-listed real estate unit of China Resources (Holdings) Co Ltd, has acquired a piece of land in Hangzhou, Zhejiang Province for RMB 2.77 billion, or RMB 15,281 per square meter of potential floor area, a record-breaking price for the region, sources reported.

The parcel, located in the West Lake District, Hangzhou, covers an area of 90,640 square meters. The starting price was RMB 1.38 billion, or RMB 7,541 per square meter of potential floor area. There are several high-end property projects around the site. 

In addition, China Resources Land won the bid for a piece of residential land in Nanjing, Jiangsu Province, for RMB 2.22 billion or RMB 7,992 per square meter of potential floor area, China Knowledge reported earlier. The parcel, which covers a land area of 82,000 sq m and has a potential floor area of up to 280,000 sq m, will have a floor area ratio of 3.4.

Shares of China Resources Land fell 2.24% to close at HK$19.2 yesterday.