Shenzhen OCT, China Merchants Property buy land in Shenzhen

Sep.15, 2009  - Shenzhen Overseas Chinese TownHolding<000069> and China Merchants Property Development CoLtd<000024><200024> have jointly won the bid for a piece ofresidential land in Baoan District, Shenzhen, Guangdong Province, forRMB 530 million or RMB 18,900 per square meter of potential floor area,sources reported.

The parcel, which covers a land area of 23,400 sq m and has apotential floor area of 28,100 sq m, will have a floor area ratio of upto 1.2.

Shenzhen OCT, which is primarily engaged in the tourism and realestate industries in China, plans to spend a total of RMB 6 billion todevelop four theme parks named Happy Valley, one each in Tianjin,Xi'an, Wuhan and Yunnan, said Liu Pingchun, vice president of OCT Groupon Sunday.

Liu added that although Happy Valley has made great progress inrecent years, it still needs to improve its operations and managementto compete with Disneyland in mainland China.