Shimao Property Holdings to Buy Land in Xiamen for Expansion

Shimao Property Holdings Limited (SEHK: 0813) won a bidding to buy a plot of land in Xiamen, Fujian Province, for CNY 3.02 billion on June 8, said the Hong Kong-based real estate developer.

Located in a scenic district in the costal city, the 137,000-square meter land is initially set aside for a high-end integrated community for residential and commercial projects, according to Shimao Property, bullish on the prospect of the state-backed Western Taiwan Straits Economic Zone in the southeastern province.

Shanghai Shimao Co., Ltd. (SHSE: 600823), a sister company of Shimao Property, has decided to spend CNY 1.72 billion buying 483,000 square meters of land in Nanjing for its local project, according to an agreement the company signed with the Nanjing Bureau of Land Resources.

Under the aegis of Shimao Group, Shimao Property is engaged in developing residential house projects while its sister company is dedicated to operating commercial properties.

Source: www.cnstock.com (June 09, 2009)

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