KERRY PROPERTIES BOUGHT LAND IN HANGZHOU FOR CNY2.46BN
AsiaInfo Services, October, 2005
AsiaInfo Services 10-27-2005 Kerry Properties Bought Land in Hangzhou for CNY2.46bn HANGZHOU, Oct 27, 2005 (SinoCast via COMTEX) -- Hong Kong developer Kerry Properties bought a land in Hangzhou of Zhejiang Province for CNY 2.46 billion on October 21. The land, which has been the site of the medical school of Zhejiang University for over 50 years, is near to the scenic spot West Lake. Insiders from Kerry Properties said they plan to build a complex of shopping malls and entertainment facilities on the site. It is about 101 mu (1 mu = 667 square meters) in area.
The government has set its property-to-land ratio at between 2.4 to 2.6, which means the total floor area of the coming project will be 160,000 to 175,000 square meters. As the land is located in...
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