Greenland acquires site in Shanghai's Huangpu for 5.95b yuan

PUBLISHED : Wednesday, 11 December, 2013, 2:45pm
UPDATED : Wednesday, 11 December, 2013, 2:49pm

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Greenland Hong Kong, the locally-listed arm of Shanghai-based Greenland Group, on Wednesday acquired a residential-commercial site in the Huangpu district of Shanghai for 5.95 billion yuan (about HK$7.55 billion).

The site is 64,980 square metres in size and can provide a total floor area of about 246,000 square metres, representing an accommodation value of 24,236 yuan per square metre.

“The site was acquired this morning (Wednesday) at the reserved price of 5.95 billion yuan,” said a spokesperson of Greenland Hong Kong.

Greenland Group obtained its listing status in Hong Kong through a back-door process in late August. It bought 60 per cent of the enlarged issued share capital of listed property company SPG Land, which was renamed Greenland Hong Kong.

Last month, Greenland Hong Kong announced the purchase of a shareholder’s loan and a 55 per cent interest in a company that holds Kunming property projects from its parent, Greenland Group, for 952 million yuan.