Hong Kong-listed Sun Hung Kai Properties has won a tender for a commercial property site near a high-speed train station in Guangzhou for RMB 1.19bn (US$178m).
SHKP, one of Hong Kong’s largest landlords, said the 69,677 sq.m. site sat adjacent to another site that it acquired in May last year, according to an announcement.
The buyer did not disclose the tender value in its statement, however the South Morning China Post reported the purchase price as RMB 1.19bn.
SHKP plans to develop both sites into an integrated commercial complex adjoining the Qingsheng station of the Guangzhou-Shenzhen-Hong Kong Express Rail Link.
The two sites have a combined 101,264 sq.m. area and offer gross floor area of more than 325,160 sq.m.
The sites are located in the Nansha district, which is at the core centre of the Greater Bay Area and is part of the China (Guangdong) Pilot Free Trade Zone.
The area is home to automobile and artificial intelligence companies already, while the Hong Kong University of Science and Technology is set to open another campus there too.
The Qingsheng station is also connected to the Guangzhou Metro Line 4, and will be linked to the planned Metro Line 22 and the Zhinan Line.