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Henderson Land secures Beijing residential site with 3.02B yuan bid

Henderson Land Development Co. Ltd. placed the winning 3.02 billion Chinese yuan bid to secure a 39,479-square-meter residential land parcel in Beijing's Chaoyang district, the South China Morning Post reported.

The Hong Kong-listed property developer outbid 11 companies from mainland China including Country Garden Holdings Co. Ltd. and Longfor Group Holdings Ltd. to win the site. Henderson Land offered to pay 69,500 yuan per square meter, setting a new record for the area, according to the publication.

Four development sites were sold in Beijing on May 28, including the Henderson Land plot, for an aggregate consideration of 9.72 billion yuan, the paper added.

As of May 28, US$1 was equivalent to 6.91 Chinese yuan.