Hang Lung Properties （HLP） announced oMay 28 after marketclose, that it has woa land auctioiHangzhou throughlisting-for-sale, its first mainland purchase ifive years according tothe South China Morning post. According to Hang Lung’s pressrelease, site details include:
The 194k sqm GFA （gross floor area） land site is located itheXiacheng District of Hangzhou. The bid value was for Rmb10.7b（or c.HK$13.1bn）， implying a per/sqm value of roughlyRmb55,000.
The site is to be comprised of both retail and office spaces at asplit of 45% for retail and 55% for office, based oHang Lung’sinitial plans.
According to the Hangzhou City Land Department, the sitecannot be resold istrata title.
The Hangzhou site is Hang Lung Properties’ first land acquisitionsince 2013, whethey bought the WuhaHeartland 66 site forRmb3.3bn.
According to various media sources including the Guandian.cn, thebidding process was aggressive with the winning bid c.119% higherthathe base bid, among 6 bidders. Competing developers for theHangzhou site included: Wharf Holdings （0004.HK）， New WorldDevelopment （0017.HK）， and SuHung Kai Prop （0016.HK）。