CR Land pays HK$3.57b for four sites and hotel

PUBLISHED : Saturday, 01 August, 2009, 12:00am
UPDATED : Saturday, 01 August, 2009, 12:00am

China Resources Land has agreed to acquire four development sites and a hotel on the mainland for HK$3.57 billion from parent China Resources (Holdings).

The deal will increase the company's land bank by 2.36 million square metres of gross floor area.

At one of the sites in Shenyang, the company plans to invest HK$5 billion to build a multi-purpose development comprising retail, offices, a hotel, residential units and serviced apartments.

The project, due to be completed in 2014, has a total gross floor area of 524,311 sqmetres. It will be developed in four phases.

Two other sites in Shenyang have been earmarked for a luxury residential project of 55 units, called China Resources Arch, and a hotel-retail-entertainment-residential development, The Landmark, to be started next year.

The fourth development site in Fuzhou has a total gross floor area of 832,826 sqmetres and will become a commercial and residential development project, comprising courtyard villas.

The four-star hotel in Beijing has 581 rooms with a total gross floor area of 62,282 sqmetres.

The 17-year-old hotel ceased operations in September last year and could be redeveloped into a combined hotel, serviced apartment and commercial development project.

Asset boost

The deal increases the firm's land bank by, in square metres of gross floor area: 2.36m