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Vanke cements presence in Qibao
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CHINA Vanke acquired two adjacent land parcels yesterday in Shanghai’s Minhang District through public bidding as the nation’s leading developer further cements its presence in the Qibao area.
The two plots, both slated for commercial and office development, are located in the Qibao Ecological Business Zone, with convenient access to two Metro lines as well as the city’s Outer Ring Road.
One parcel, covering 22,889 square meters, was sold for 1.495 billion yuan (US$228 million), or a gross floor area price of 18,660 yuan per square meter. The other plot of 30,323 square meters fetched 1.698 billion yuan, or a gross floor area price of 19,300 yuan per square meter. The starting prices for the two land plots were 1.489 billion yuan and 1.698 billion yuan respectively.
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