THE consortium led by Kumagai Gumi (HK) has sold the first parcel of land in its pioneer Yangpu port project in Hainan province for about $600 million, mainly to mainland buyers. Kumagai director Frederick Ma confirmed yesterday that stage one and part of phase two of the Hainan Yangpu economic development zone, with a total site area of 550,000 square feet, were snapped up in the past few weeks. In China's first private enterprise land disposal, prices quoted by the Hainan Yangpu Land Development Co consortium included all basic infrastructure costs, including water supply and electricity. Mr Ma said the land sold was mainly for light and heavy industrial, residential, warehousing and commercial use. Representing about four per cent of the total land available for sale, the lots would be handed over to the buyers early next year when the basic infrastructure was in place, he said. Plot ratios for the lots range from one for heavy industrial land to 10 for commercial sites. Phase two prices, which have increased by three to five per cent, will be for sale in Hongkong early next month but Mr Ma said some deals had been concluded by buyers referred by shareholders in the consortium. Taiwanese investors will also be the target for the second phase, given the Taiwanese link through Great China Holdings which has a five per cent stake in the consortium. Other major partners include Cheung Kong and CITIC, which own 10 and 20 per cent stakes, respectively, in the land project. Under the terms of phase one, 10 per cent of the land price will be paid as a deposit upon signing the provisional contract for the transfer of land use rights. The full balance of the discounted price, less the deposit, will be paid within 30 days of the date of signing the provisional contract. Mr Ma said buyers could start site investigation and design work after the provisional contract was signed.