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.