Sun Hung Kai Properties Ltd.'s joint venture with Ping An Insurance (Group) Co. of China Ltd. placed the winning 13.26 billion-yuan bid for a 175,300-square-meter mixed-use site in Hangzhou, China, Mingtiandi reported AUg. 11, citing the city's Bureau of Planning and Natural Resources.
The pair outbid companies including Hangzhou Binjiang Real Estate Group Co. Ltd. and Beijing Runfeng Group to secure the right to develop an 857,700-square-meter integrated project in the three-plot site. The project has secured approval to build a complex that will have office, retail, residential and entertainment components, according to the news platform.
The winning bid represents a 1.22% premium above the site's reserve price, the city's most expensive plot, the Aug. 11 report added.
As of Aug. 9, US$1 was equivalent to 7.06 yuan.