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Report: Contenders for 13.58B-yuan Shanghai site down to Shui On, Hongkong Land

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Report: Contenders for 13.58B-yuan Shanghai site down to Shui On, Hongkong Land

Shui On Land Ltd. and Hongkong Land Holdings Ltd. have been floated in a South China Morning Post report as the two remaining bidders for a commercial site in Shanghai, which hit the market with a 13.58 billion-yuan asking price.

To become finalists, the two Hong Kong-based developers underwent Shanghai's rigorous vetting process as the city government only welcomed bidders who are among the world's largest 500 companies with substantial commercial exposure in the property sector, the paper noted.

Shui On was cited by the paper as hoping to secure the land plot. Hongkong Land, on the other hand, refused to comment but was confirmed by an unnamed source to be the other competitor, according to the May 31 report.

The winning bidder will clinch the 78,256-square-meter prime commercial site near the shopping stretch of Huaihai Lu and the Xintiandi entertainment district in the city. Huangpu District Huaihai Zhong Road Land parcels 123, 124 and 132 make up the site, which carries approval for a project with 242,689 square meters of above-ground gross floor area, according to Mingtiandi.

Results of the bidding are expected to be announced July 5, Mingtiandi added in its May 31 report.

As of May 31, US$1 was equivalent to 6.41 yuan.