China Merchants Property Development Co Ltd and Hong Kong-based Wheelock Properties Ltd have jointly won the bid for a piece of land in Nanhai District, Foshan, Guangdong Province, for RMB 680 million, sources reported.
China Merchants Property said in a statement that it will pay RMB 2,200 per square meter of potential floor area for the parcel, which has a gross land area of 141,858 sq m.
China Merchants Property will pay RMB 340 million, while Wheelock Properties will pay the remaining half.
The two companies plan to build residential buildings on the site.
Source: China Knowledge
