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China Overseas Land buys land in Chengdu for RMB 1.68 bln

Apr. 19, 2012 (China Knowledge) - China Overseas Land & Investment Ltd<0688>, a major real estate developer of China State Construction Engineering Corp Ltd<601668>, China's largest property and construction conglomerate, won a bid to acquire a plot of land in Chengdu, capital of Sichuan Province, for nearly RMB 1.68 billion.

The mixed-use plot, located in South Chengdu, cost RMB 3,810 per square meter in potential floor area, more than starting price of RMB 3,500 per sq m in the land auction.

On the 153-mu site, Hong Kong-listed China Overseas Land & Investment is required to build residential properties with a floor area ratio not exceeding 3.8, while the floor area ratio of commercial properties would not more than 6.0.

The real estate developer acquired another plot near the new site last May with a bidding price of RMB 1.45 billion or RMB 3,300 per sq m in potential floor area.

As of Dec. 31, 2011, China Overseas Land & Investment had a combined 410,000 sq m of office buildings and hotels under operation with total rents reaching HK$360 million last year.

The company also expects to put five shopping malls, with a gross floor area totaling nearly 400,000 sq m, into operation in the next three years, sources reported.

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