Shenzhen International (00152) said it recently entered into a land consolidation and preparation framework agreement with Urban Planning Land and Resources Commission of the Shenzhen Municipality and Authority of Qianhai Shenzhen-Hongkong Modern Service Industry Cooperation Zone of Shenzhen in respect of the Group's Qianhai Project.
Shenzhen UPLRC and Qianhai Authority have agreed to arrange a land site with an area of about 38,800 square metres at Block 6, Unit 19 of Qianhai Shenzhen-Hong Kong Cooperation Zone as the site for the Group's Start-up Project. The land use of which has been changed from solely logistics warehousing to integrated land use comprising primarily office buildings complemented by high-end commercial and residential space, and such change is expected to result in a substantial increase in the value of the land parcel. The Group has recently commenced preliminary preparations for construction, which is scheduled to start by the end of 2015.
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