Property News · July 30, 2019

Hong Kong’s New World Development takes advantage of Hangzhou land price curbs, wins plot for 9.8 billion yuan


Hong Kong property company New World Development took advantage of a newly introduced price cap to win a commercial-residential plot of land in downtown Hangzhou for 9.8 billion yuan (US$1.4 billion), a shade higher than the starting bid of 9.6 billion yuan, it said on Tuesday. The deal represents New World’s first foray into Hangzhou.The 93,364 square metre plot, the latest among nine sites the Hangzhou government is offering during a two-day auction, was also the first to be sold under the…

Source : South China Morning Post
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