Shenzhen OCT, China Merchants Property buy land in Shenzhen

Sep. 15, 2009  - Shenzhen Overseas Chinese Town Holding<000069> and China Merchants Property Development Co Ltd<000024><200024> have jointly won the bid for a piece of residential land in Baoan District, Shenzhen , Guangdong Province, for RMB 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 a potential floor area of 28,100 sq m, will have a floor area ratio of up to 1.2.

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

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