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Shenzhen Investment wins bids for 2 Chinese sites

Shenzhen Investment Ltd. won the respective bids for two land parcels in China where it plans to build residential projects.

The roughly 34,623-square-meter land parcel G72 on Tianyou Road in the Jiangning district, Nanjing, was acquired with a 1.06 billion yuan bid. The company plans a mainly residential development on the site with a total gross floor area of roughly 75,824 square meters.

Shenzhen Investment also placed the winning bid of 913 million yuan to acquire an approximately 20,000-square-meter land parcel in Lishui, Nanhai district, Foshan, in Guangdong province. The site provides a gross floor area of approximately 59,600 square meters.

The company said it will continue to focus on Shenzen and expand its presence in Hong Kong, Guangzhou and Nanjing.

As of Dec. 26, US$1 was equivalent to 6.54 Chinese yuan.