May. 17, 2012 (China Knowledge) - China Travel Service (Holdings) Hong Kong Ltd, or CTS, yesterday beat out several bidders, including Singapore-based CapitaLand, to acquire a piece of land in Ningbo
Province at a consideration of RMB 970 million.
CTS won the land bid via a subsidiary China Travel International Investment Hong Kong Ltd<0308
>, said a person familiar with the matter, adding that the other bidders include Youngor Group Co Ltd<600177
>, an apparel and textile firm, and Yinyi Real Estate Co Ltd<000981>.
The residential plot, which is located in Jiangbei District, Ningbo
, cost RMB 10,500 per square meter of potential floor area, a 10% premium to the starting price of RMB 9,500 per sq m in the land auction.
On the 51,367-sq m site, properties are required to be built with a floor area ratio of not more than 1.8 and building density not exceeding 35%. Hong Kong-listed
China Travel International Investment Hong Kong earned HK$152 million in net profit attributable to shareholders last year, reflecting a Y-o-Y jump of over four folds, and the firm's revenue grew by 9.15% from a year earlier to HK$4.47 billion in 2011.