China Ov outdoor play equipment erseas Land acquires land in Chengdu
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China Overseas Land acquires land in ChengduPublished: 07 Sep 2009 19:57:24 PST

Top 5 News From ChinaKnowledge.comStandard & Poor's downgrades Country Garden's ratingsCompal to set up 5th notebook plant in mainland China in Q4China State Construction to build US$3.6-bln tourism projectChinese stocks open 0.54% lower on TueAsia Standard International plans share consolidation Sep. 8, 2009 (China Knowledge) - China Overseas Land & Investment Ltd<0688>, a real estate subsidiary of China Overseas Holdings Ltd, has spent RMB 683 million acquiring a piece of land in Chengdu, Sichuan Province, sources reported.

The parcel covers an area of 71.9 Mu in Qingyang District, with a starting price of RMB 5 million per Mu at the land auction, which attracted around 19 bidders, including Poly Real Estate Group Co Ltd<600048>, China's second-largest developer by market value, and some local property developers.

Industry analysts estimated that China Overseas Land may sell the proposed property on the land at a price up to RMB 8,000 per square meter, considering the convenient transportation and nice living environment.

This is the third time the Hong Kong-listed developer has purchased land this year after acquiring three pieces of land in Jinan and another piece in Qingdao in August.

China Overseas Land, which currently has seven property projects in Chengdu, plans to increase its land reserves by 4.8 million square meters this year. The company now has land reserves of 24.8 million square meters, according to the firm's interim reports.


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