May. 18, 2012 (China Knowledge) - Suning Appliance Co Ltd<002024
>, one of the largest privately-owned electrical appliance retailers in China, has won a land bid in Xi'an, capital of Shaanxi
Province to start a commercial complex with an investment of approximately RMB 800 million.
The plot, acquired by the Chinese household appliance giant, covers an area of 8,498.3 square meters.
Xi'an Municipal Bureau of Land and Resources began selling the plot on Jan. 30, 2012, with a starting price of RMB 250 million or RMB 19.59 million per mu, the highest price in the city's land transaction.
On the site, a large-scale commercial project would be completed in early 2014, with a floor area ratio not exceeding 5.27.
The proposed real estate project is expected to be its first commercial complex in Northwest China, with properties including electrical appliance stores, restaurants and recreational facilities, sources reported.