GuocoLand: 50/50 JV with parent, Guoco Group to acquire and develop land parcel in Changfeng , Shanghai. Land purchase price is RMB 3bn (~S$600m at Rmb 24,812 psm per plot). Group not new to property development in China, as currently undertaking an integrated development named Guoson Centre, also in the Changfeng district.
Interestingly UOL announced yesterday a land acquisition in the same district as well, with similar transaction price of Rmb24k/sqm gfa...
Given that the property developments would be completed in a few years time, both developers may not be as significantly affected by the recent PRC property policy changes. Expect both developers’ China expansion to be positive for longer term growth prospects.
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