Hang Lung Properties has won an auction for a large commercial site in the northeastern city of Shenyang for 5.5 billion yuan, increasing its total land bank in the trading hub to about 10 million square feet and continuing its push outside its base in Hong Kong and Shanghai.
The Hong Kong developer yesterday announced that it was buying the eight million sqft site in the Liaoning provincial capital and would release more details about it as early as next week.
Undaunted by the central government's measures to curb the overheated property sector, the company controlled by tycoon Ronnie Chan Chi-chung (pictured) has been aggressive in snapping up commercial land in second-tier mainland cities.
It has projects being built or planned in Tianjin, Jinan and Changsha as well as Shenyang.
It also has a 4.4 million sqft portfolio in Shanghai.
The company became the first major Hong Kong player in Shenyang last year when it spent 760 million yuan for a 1.39 million sqft lot in the city centre.