Harbour Centre Development, a subsidiary of Wharf (Holdings), bought a 4.42 million square foot site in Changzhou city in Jiangsu province for 1.47 billion yuan.
Through its wholly owned subsidiary Cheer Sky Investment, the company bought the site in a public auction yesterday.
With gross floor area of 8.68 million sqft, the accommodation value is about 169 yuan per square ft.
The site will be developed into a residential and hotel project.
The parcel of land is five kilometres away from the city centre in Xinbei district, in the vicinity of China Changzhou Dinosaur Land theme park and Xin Qu Park.
Harbour Centre, in which Wharf holds 67 per cent, said the development would broaden the asset and earnings base of the company and its shareholders.
The company has already paid a 380 million yuan deposit for the bidding with the remainder to be paid in three installments with the last payment no later than January 20, 2009.