Shimao buys Jiaxing site to boost Yangtze presence
Shimao Property Holdings, which develops property projects in first-tier mainland cities, has spent 484 million yuan on a 530,000 square metre site in Jiaxing, Zhejiang, to boost its land bank in the Yangtze River Delta.
The acquisition, the fourth this year after Shaoxing and Wuhu at the delta and Yantai in Shandong, added a gross floor area of 900,000 sqm to the group, anchoring its focus in the coastal region.
The site, to the south of Jiaxing, would be developed into a commercial complex composed of a five-star business hotel, a shopping centre and convention and entertainment facilities, Shimao said in a statement yesterday.
Chairman Hui Wing-mau said the group aimed to capitalise on the rising urbanisation and economic importance of Jiaxing, which would be connected to Shanghai with maglev trains. Transport between the city and the rest of the Yangtze River region would be improved as a result of the city's plans to build an expressway and bridges connecting Ningbo and Shaoxing.