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China Merchants Property wins land bids in Shenzhen

Nov. 14, 2012 (China Knowledge) - China Merchants Property Development Co Ltd<000024><200024>, engaged in the development, sale, leasing and management of properties and electricity and water supply, has said it acquired a piece of land at a consideration of RMB 1.22 billion in Shenzhen, Guangdong Province.

According to a statement filed with Shenzhen Stock Exchange, the plot covers an area of 159,700 square meters and will have a floor area of 379,400 sq m.

The land will can be developed as residential, commercial and cultural facilities with duration of 70 years.

In the first nine months of this year, China Merchants Property saw its property sales amounted to 24.7 billion, while its net profit for the nine-month period hit RMB 1.22 billion, down 16.89% YoY.

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