China South City (CSC), a mainland developer of logistics property and trade centres, has bought the land use rights of eight parcels in Xian in Shaanxi province for a total of 1.48 billion yuan (HK$1.86 billion).
The total area of the site is 893,271 square metres, with attributable gross floor space of about 2 million sq metres, a company filing with the Hong Kong stock exchange on Monday night said.
CSC bought the parcels at auctions held in the past three months and a year ago by the provincial capital’s land and resources bureau.
The firm is building a logistics project in Xian with a total planned area of 10 million sq metres and gross floor space of 17.5 million sq metres.
The Xian project... is strategically important to the group’s long-term prospects
Phase 1 of three phases is under construction, and trial operations have begun at the logistics centre.