China-based developer, Excellence Real Estate Group Ltd., said it will be spending over CNY 12 billion to develop two properties within the Qianhai special zone in Shenzhen City. Excellence won the bidding conducted for the land.
The investment includes a commercial and residential property project billed to cost around CNY 7.18 billion, the biggest investment so far in Shenzhen. The second investment involves office spaces, hotels and apartments that will have an estimated investment of CNY 5.18 billion.
According to the Qianhai Authority, which manages the special zone, the two properties will cover 77 hectares.
The special zone in Qianhai, a district of Shenzhen, is offering another property to companies listed in the Hong Kong Stock Exchange on Aug. 16. No amount was disclosed.
Only Hong Kong-listed companies with yearly sales of CNY 20 billion and a commercial value of around HKD 40 billion can qualify to bid, according to Qinhai Authority.
The Qinhai special zone is China's attempt to experiment in liberalizing the yuan. According to the timeline, by 2015 the Qinhai Authority will develop infrastructure projects within the district amounting to CNY 300 billion.
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