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HK developer wins auction for US$3.6b Shanghai commercial site
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Hong Kong's largest developer, Sun Hung Kai Properties, today won an auction for a commercial district site in Shanghai worth 21.77 billion yuan (US$3.6 billion).
Sun Hung Kai Properties outbid Hong Kong developer The Wharf Holdings. Xujiahui district is a popular shopping and entertainment hub in China's financial center.
The bid was 24% higher than the reserve price of 17.5 billion yuan, according to Shanghai's New Area Planning and Land Authority.
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