China Resources Land bags Shenzhen commercial site with USD 1.8 billion bid
China Resources Land Ltd won the right to buy a commercial site in Shenzhen. The China Resources Group property developer's bid for the plot was CNY 10.9 billion or USD 1.8 billion. The firm outbidded another developer from the mainland, Shimao Property Holdings Ltd. The site is located in the Qianhai district, which is only a one-hour drive from Hong Kong.
The Chinese government is building a USD 45 billion financial center in Qianhai, putting a premium on land prices. Just last month, a developer from the mainland also purchased two commercial sites in the same district. The plots were sold to Excellence Group for CNY 12.4 billion. Excellence bought one site for CNY 7.18 billion. Shenzhen is now considered China's southern boom town.
China Resources Land Ltd develops and manages properties in major cities in mainland China. In addition, its subsidiaries also offer construction and decoration services. It trades on the Hong Kong Stock Exchange. China Resources Land has a market value of USD 17.9 billion.