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Lujiazui Group wins Shanghai mixed-use site with 9.1B-yuan bid

Lujiazui Group placed the winning 9.1 billion-yuan bid for an integrated development site in Shanghai's Zhangjiang High Tech Park, Mingtiandi reported, citing a Shanghai Land Exchange announcement.

The state-owned developer made the only offer for the 89,900-square-meter land parcel, which will have an above-ground gross floor area of 510,897 square meters of offices, rental housing and spaces for other businesses, as well as 830,000 square meters of underground gross floor area, according to the news platform.

Plans for the site include the construction of a 320-meter tower that could become the city's fifth tallest building upon completion. The development will also feature six additional buildings with heights ranging from 100 meters to 200 meters, the Sept. 10 report added.

As of Sept. 10, US$1 was equivalent to 7.11 yuan.