Jul. 28, 2010 (China Knowledge) - OCT Enterprises Co on Jul. 23 won the bid for a piece of land in Suhewan, Zhabei District, Shanghai for RMB 1.79 billion, which was the state-owned firm's second successful bid in Suhewan this year.

The 32,810-square meter parcel cost RMB 14,500 per sq m of potential floor area. On the site, the group will pay about RMB 3.23 billion in removal for existing property construction.

On Feb.11, OCT Enterprises beat out two Hong Kong-listed firms and spent RMB 7.02 billion to acquire a plot also in Suhewan, and the plot's purchase price of potential floor area was RMB 52,783 per sq m.

Suhewan is in the premier site of Zhabei District and is recognized as the last golden section to be reconstructed.

OCT Enterprises is the parent of Shenzhen Overseas Chinese Town Holding<000069>, Overseas Chinese Town (Asia) Holdings Ltd<3366> and TV maker Konka Group Co Ltd<000016><200016>.