Shenzhen International (00152) said the company and its 50.889%-owned subsidiary Shenzhen Expressway (00548) will enter into a land transfer agreement for a site of about 96,000 square metres being re-designated as development and construction land and forming part of the Meilin Checkpoint Urban Renewal Project with Urban Planning Land and Resources Commission of the Shenzhen Municipal.
The two companies will pay 30% of the land premium, that is, Rmb1,070 million by 30 June 2015. Further, Shenzhen International and Shenzhen Expressway will pay through the project company the balance of the land premium, being Rmb2,497 million, within one year of the land transfer agreement becoming effective.
The Meilin Checkpoint Urban Renewal Project has a planned composite plot ratio of 5.06 and total gross floor area of around 486,000 square metres, comprising properties for residential, commercial, office, business apartments and public and ancillary uses.
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