(Yicai Global) Oct. 13 -- A consortium led by Shanghai-based real estate developer Greenland Holdings Corp. [SHA:600606] has successfully bid on the Qiuyushan Cultural Industry Park in Nanjing, in China's southeastern Jiangsu province, with the total investment estimated at USD2.44 billion (CNY16.05 billion).
The consortium, consisting of Greenland Holdings' Jiangsu subsidiary and a trust firm under Ping An Insurance (Group) Co. of China [SHA:601318] received the tender award issued by the Jiangsu provincial government, Greenland Holdings said Wednesday.
The project entails urban renewal, soil remediation and construction of an industrial park. The park measures 811,300 square meters in total floor area, of which 478,300 square meters are above ground and 333,000 square meters are subterranean. It has a 'Chinese calligraphy town,' an artifact trading center, tourist spots and shopping facilities.
The consortium will spend 30 percent of the total investment to set up a project company, with the costs thereof shared between Greenland Holdings (10 percent), Ping An Insurance (60 percent) and the Jiangsu government (30 percent). Greenland will be responsible for park construction, management and operation, and Ping An will take charge of project financing.
Qiuyushan is a 41-meter-tall hill in Pukou District, Nanjing. It is a popular tourist attraction well-known for memorials to ancient Chinese master calligraphers.