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CTS outbid CapitaLand at Ningbo’s land auction

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, Zhejiang 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.

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