Minmetals Land acquires HK$1.2bn in Jiangning district, Nanjing City

The 179,000 sq.m. lot is located in the Science Park with mountain landscape and lake view.

Minmetals Land Limited (“Minmetals Land”) has announced the acquisition of approximately 179,000 square meters of residential land in Jiangning District at the reserve price of RMB 1 billon (approximately HK$ 1.2 billion) during an auction on 28 January 2011. Covering a maximum gross floor area of approximately 182,000 square meters, the cost is approximately RMB 5,500 per square meter in terms of GFA.

The land is located within the Science Park in Jiangning District with a beautiful mountain landscape and lake view. It sits close to major highways and the railways network system for very convenient transportation. The area is surrounded by many research institutes and universities with a large number of high quality potential clients. Hence, the land is ideally suited for developing as a low-density and high-end residential community, according to a Minmetals Land report.

Mr. He Jianbo, the Managing Director of Minmetals Land, said, “The Company already has two development projects in Nanjing which have achieved an excellent sales result during 2010. This acquisition will further consolidate the Company's leading position in the Nanjing market, and enhance the brand of Minmetals Land”.