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Hines鈥 US$604m wins plot
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Hines, a privately held real estate firm based in the United States, emerged yesterday as the winner for a land plot in Shanghai’s Jing’an District, beating Chinese counterpart SOHO China.
The US developer has agreed to pay 3.706 billion yuan (US$604 million), or 27,256 yuan per square meter, for the 17,937-square-meter site, which is bordered by Xinzha Road to the north, Datian Road to the east, Shanhaiguan Road to the south and Cixi Road to the west and had a starting price of 3.4 billion yuan.
SOHO China submitted a bid of 3.7 billion yuan.
The Jing’an development will comprise 156,000 square meters in total — including 134,000 square meters of offices and 22,000 square meters of retail, Hines said.
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