China Merchants Property wins Shanghai housing site with 5.67B yuan bid

China Merchants Property Development Co. Ltd. placed the winning 5.67 billion yuan bid for a residential development site in Shanghai's Hongkou district, China Internet Information Center reported Feb. 9.

The developer paid a 20% premium for the 23,078-square-meter land parcel that can be developed at a maximum plot ratio of 2.65x.

Under the terms of the sale, 80% of the residential units built on the site must be small and midsize apartments under 90 square meters, while 5% must be earmarked for government housing. All units will be sold fully renovated.

The development must also include 3,960 square meters of public amenities and 360 square meters of childcare facilities that will be transferred to the government for free, the news platform added.

As of Feb. 9, US$1 was equivalent to 6.44 Chinese yuan.

Emily Lai contributed to this report.