China Resources Land buys 61,800 sq meters in Qianhai for RMB 10.9 billion
China Resources Land Limited (01109) announced that the company succeeded in the bid for a land in the Qianhai district of Shenzhen, the PRC (with a total site area of 61,800 square metres and a total gross floor area of 503,000 square metres) at the consideration of RMB10.9 billion (HK$13.701 billion) through auction. The land shall be used for the development of mixed commercial properties.
A security deposit of HK$1.72 billion (RMB1.35 billion) has been paid by the company to secure its performance under the confirmation agreement.
Given the economic potential of the Qianhai district of Shenzhen, the PRC and the development prospect of the land, the board believes that the acquisition provides an excellent investment opportunity. The board is also of the view that the acquisition will allow the group to strategically strengthen its leading position in the property market in Shenzhen, the PRC.