Shopping spree exceeds 4.4b yuan Three mainland developers, SPG Land (Holdings), Beijing Capital Land and Guangzhou R&F Properties, have paid more than 4.4 billion yuan to beef up and diversify their land reserves in the mainland. SPG Land bought a commercial and residential site in Wuxi city and a low-density residential site in Changshu, Jiangsu province, for 2.92 billion yuan and 176 million yuan respectively, to be paid for in stages by 2009. The 239,200 square metre site in Wuxi could provide a gross floor area of 598,000 sq metres, while the 119,769 sq metre site in Changshu can be developed into 119,769 sq metres of town houses, duplexes and low-rise apartments. The new acquisitions boosted SPG Land's reserve to 3 million square metres, sufficient for development in the next four to five years. The size of its land bank has increased by more than 150 per cent in the eight months since the company's Hong Kong listing. Beijing Capital Land acquired a development site in Shenyang for 770 million yuan, while Guangzhou R&F Properties paid 540 million yuan for its first development site in Shanghai. Beijing Capital Land said it bought the residential site at auction for 1,509 yuan per square metre at the end of last month. This is the developer's second project in Shenyang after the Shenyang Yinhe Wan residential project. The 180,000 sq metre site could provide a total residential area of about 410,000 sq metres, commercial area of 70,000 sq metres and car parking area of 30,000 sq metres. The site is located between the Second Ring Road South and the Third Ring Road South in Shenyang, linking Hannan's new district and old city district. The average property price in Hannan's new district and old city district are 3,500 yuan and 5,400 yuan per square metre respectively, according to the research department at DTZ. Beijing Capital Land plans to develop a mid- to high-end residential project on the site. Pre-sales are expected to start next year. Meanwhile, Guangzhou R&F Properties bought its residential site in Qing Pu district, in suburban Shanghai, for 2,962 yuan per square metre, marking its first foray into the financial hub. It plans to develop a low-density residential complex, providing a total gross floor area of 183,300 sq metres. Property prices in Qing Pu district have grown significantly in the past two months, and now range between 8,000 and 9,000 yuan per square metre, according to DTZ (Shanghai) general manager Vincent Luk Fung-siu. Guangzhou R&F Properties yesterday said revenue from property sales rose 37 per cent on year in the first half to 6.45 billion yuan.