StockMarketWire.com - Hongkong Land said it had secured land on the West Bund of Shanghai from the government through an auction on 20 February for RMB31,050,000,000, about US$4.4bn.

The 23.1 hectare mixed-use site secured would provide the company with an attractive opportunity to develop and operate a commercial complex of scale in a prime location in Shanghai, Hongkong land said.

The transaction was in line with the group's long-standing strategy to acquire prime sites in key gateway cities across Asia, it added. The development of the Land would be in multiple phases and was expected to complete by 2027.




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