¥13.6 Billion Huaihai Commercial Site Reaches Final Bidding Round
The official Shanghai Land Market website has released a statement announcing that two companies have reached the final bidding round for a prime commercial site near Huaihai Zhong Lu.
The 78,256 square-metre site is expected to sell for a minimum of ¥13.58 billion, or ¥55,596 per square-metre. Located a mere three-blocks from Xintiandi, the site has been cleared for commercial use and 242,689 square-metres of above ground gross floor area.
Although the bidders’ names have not been formally announced, the South China Morning Post has listed Hongkong Land and Shui On Land as the two finalists. The results of the tender will released in early July.
Shui On’s interest is likely connected to its 160-hectare Taipingqiao project in the area around Xintiandi and Taipingqiao Park. Hongkong Land, meanwhile, has become increasingly present in the mainland property market since late 2017. They have invested heavily in projects in Beijing, Nanjing, and Shanghai. Hong Kong Land’s current Shanghai project is a grade A building, complete with upscale residences, a business hotel, and a shopping mall.
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