Excellence Real Estate Group Ltd. announced that they have won the bidding for two commercial sites from the first land auction of Shenzhen's Qianhai special zone. The China-based developer said that they will pay CNY12.4 billion or US$2 billion for the properties.

Xiao Yafei, Director General for the Office of Financial Development Service of Shenzhen, said that China chose Shenzhen's Qianhai district as the testing ground for the freer use for the yuan. The authority plans to spend an estimated CNY300 billion by 2015 for infrastructure. China is targeting a gross domestic product of CNY150 billion by the year 2020.

Excellence Real Estate Group Ltd is tagged to pay CNY5.18 billion for the office-hotel-serviced apartments site. The price tag was 48% above the opening bid which was CNY3.5 billion. The second site that will be made to hold offices and serviced apartments was priced at CNY7.18 billion. The two sites hold a total floor area of 770,600 square meters. Shenzhen's Qianhai district is set to sell another site to targets Hong Kong-listed companies mid August.