China Merchants Property & Vanke Jointly Acquire Land In Shanghai

Subsidiaries of China Merchants Property (000024) and China Vanke (000002), Shanghai China Merchants Property and Shanghai Langda Industrial, have jointly acquired a plot of land in Shanghai for 1.716 billion yuan, reports China Securities Journal, citing an announcement by China Merchants Property.

Shanghai China Merchants Property and Shanghai Langda Industrial will pay 55 percent and 45 percent of the land acquisition fees respectively.

The land is located in Songjiang district, Shanghai. It occupies an area of 130,970 square meters, with construction area of 104,776 square meters. The plot ratio is 0.8. According to regulations, residential developments will be built on the plot of land. The land use rights are valid for a period of 70 years.

Separately, Yuyue Company, in which China Merchants Property holds a 50 percent stake, had acquired a plot of land in Danzishi, Chongqing, for five billion yuan on December 30, 2009. The land covers an area of 336,600 square meters with construction area of 1.45 million square meters.