Property News · January 25, 2019

Chinese consortium sees off Hong Kong rivals in ferocious bidding war for prime Shanghai commercial land, ending their stranglehold


A Chinese consortium has outbid Hong Kong developers in a ferocious bidding war for a much coveted plot of commercial land in the heart of Shanghai.
The group led by China Resources Land paid a record-breaking price for the plot after winning a bitterly contested auction that lasted for more than 500 rounds, according to the Shanghai Bureau of Planning and Natural Resources and local media.
The victory marks a high-profile end to a winning streak for offshore investors, who have repeatedly…

Source : South China Morning Post
Read more…Chinese consortium sees off Hong Kong rivals in ferocious bidding war for prime Shanghai commercial land, ending their stranglehold