Wharf acquires land in Chengdu for RMB 409 min

Published: 19 Nov 2009 22:43:22 PST

More From ChinaKnowledge.com

Nov. 20, 2009 (China Knowledge) - The Wharf (Holdings) Ltd<0004>, a property subsidiary 50% owned by Wheelock and Co Ltd<0020>, yesterday won the bid for a piece of land in Jinjiang District, Chengdu, Sichuan Province, for RMB 409.7 million, a price 67.3% higher than the RMB 245 million starting price, sources reported.

The Hong Kong-listed company purchased the parcel, which has an area of about 22.27 mu and a potential floor area ratio of 4.0. The estimated cost of the land is RMB 6,900 per square meter of potential floor area.

The property developer on Monday sold an 87.5% stake in Beijing Times Square and a shareholder loan to a Beijng-based infrastructure investment firm for RMB 2.28 billion and RMB 427.7 million, respectively, or RMB 2.7 billion in total, according to an earlier report from China Knowledge.