Wharf (Holdings) has won a tender for two plots of land in Suzhou at a cost of 2.9 billion yuan (HK$3.4 billion), which the blue chip conglomerate will develop into luxury properties. It will be Wharf's fifth project in the eastern mainland province.

The combined area of the lakeside and riverside sites can be developed into about 384,000 square metres, with an average cost of about 7,560 yuan per square metre.

Despite the central government's policy of cooling the market, Wharf says it will continue to add to its 115 million sqft of land on the mainland.