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China Merchants Property wins land bids in Guizhou

Jan. 12, 2012 (China Knowledge) - China Merchants Property Development Co Ltd<000024><200024>, engaged in the development, sale, leasing and management of properties and electricity and water supply, said it has acquired two pieces of land at a total consideration of RMB 327 million both in Bijie, Guizhou Province.

One of the two plots cover an area of 74,000 square meters and will have a floor area of 208,000 sq m. The other plot cost RMB 217 million and will have a floor area ratio of not more than 3.9.

This is the third land purchase which the property developer conducted since last December.

On December 28, 2011, the company won the bid for a piece of commercial land in Qingdao, Shandong Province and spent RMB 3.41 billion to acquire three plots in Wuhan, Hubei Province on December 21.

Analysts said the company, which is selling properties principally in Chinese first-tier cities, including Beijing, Shanghai and Tianjin, has focused on property development in the second and third-tier cities of the country.

Sources reported that the property developer might have reaped RMB 21 billion in sales revenue last year.







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