Shun Tak & partner win bid for Shanghai land at Rmb1.95bn

    Shun Tak Holdings (00242) said the company and Shanghai New Bund International Business District Investment (Group) Company Limited together succeeded in the bid of the land use rights of a land in Shanghai at Rmb1,949.63 million.
  A joint venture will be formed to jointly develop the land. The said joint venture will be owned as to 50% and 50% by Shun Tak and the JV partner.
  The land is located at Qiantan District, the South Extension of Huangpu River, Pudong New Area, Shanghai with a total site area of 26,707.3 square metres and gross floor area of 133,536.5 square metres. The land is designated for commercial, office and hotel use, out of which an art and cultural centre will be part of the commercial component; and the office component is allowed to be sold on a floor-to-floor basis 10 years from completion of government inspection of the whole project.
  It is planned by both parties to develop the project comprising of about 70,000 square metres of office space, about 14,000 square metres of retail space, about 20,000 square metres of hotel component and about 30,000 square metres of art and cultural centre. The hotel therein will be managed by Shun Tak Group's hotel management subsidiary, Artyzen Hospitality Group.
  The JV partner is a subsidiary of Shanghai Lujiazui (Group) Company Limited. The principal business activity of the JV partner is to develop the Qiantan business district.