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3 Chinese state-owned developers buy Shanghai site for 4.55B yuan

Three Chinese state-owned developers jointly won a bid for a property site in Shanghai's Yangpu district for 4.55 billion yuan on Dec. 6, according to an announcement from the Shanghai Land Exchange.

The buying consortium, comprising China Energy Conservation and Environmental Protection Group, Shanghai Huayi Group Corp. Ltd. and Shanghai Yangshupu Real Estate Co., offered the sole bid for the site, which covers an area of 36,847.4 square meters.

The site could be built into an up to 147,000-square-meter office-and-research property project, Mingtiandi reported.

As of Dec. 6, US$1 was equivalent to 7.04 yuan.