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Wharf nets China Merchants Property win land bid in Beijing

Feb. 16, 2012 (China Knowledge) - Wharf (Holdings) Ltd<0004>, a property subsidiary of Wheelock and Co Ltd<0020>, yesterday said it has teamed up with China Merchants Property Development Co Ltd<000024><200024> to acquire two pieces of land in Beijing for a combined RMB 2.37 billion or US$376 million.

The two residential plots, both located in the city's Chaoyang District, cost RMB 12,523 per square meter of potential floor area.

The two property developers each hold a 50% stake in the two projects, which cover a land area of 72,702 sq m and will have a floor area of 181,756 sq m.

Hong Kong-listed property developer Wharf started market expansion since the end of 2010 and spent RMB 10 billion on land purchases in Suzhou, Changsha and Hangzhou in the first quarter of 2011.  

Since the beginning of this year, China Merchants Property Development has won land bids in Guizhou Province and Beijing, as well as acquired three plots in Wuhan last December.






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