Shimao Unit Completes USD3.6 Billion Land Deal for Shenzhen’s Future Tallest Building

Shimao Unit Completes USD3.6 Billion Land Deal for Shenzhen’s Future Tallest Building

Xu Wei

Date: Thu, 12/07/2017 - 16:03 / source:Yicai
Shimao Unit Completes USD3.6 Billion Land Deal for Shenzhen’s Future Tallest Building
Shimao Unit Completes USD3.6 Billion Land Deal for Shenzhen’s Future Tallest Building

(Yicai Global) Dec. 7 -- A unit of residential property developer Shanghai Shimao Co. [SHA:600823] has completed the CNY23.943 billion (USD3.628 billion) acquisition of 321,900 square meters of land in Shenzhen for the construction of the city’s future tallest building.

The deal represents the second most expensive land auction ever seen in the city, located in China’s southern Guangdong province, at a transfer price of CNY17,500 per square meter, Fujian Shimao Xinlicheng Investment and Development Co. said in a press briefing yesterday.

Shimao, the only participant in the auction, will build a super high-rise with an estimated height of 668 meters in the tech city’s Longgang district.

Shenzhen’s current tallest building is the 600-meter-tall Ping An Financial Center, commissioned by Ping An Insurance (Group) Company of China Ltd. [SHA:601318; HK:2318] and completed this year.

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Keywords: Shanghai Shimao, Shenzhen, REAL ESTATE