Property developers Ho Bee and Yanlord have jointly acquired a 13.69 hectare prime residential development site in Qingpu District in Shanghai for about $784 million.
The development site is located about 5.5 km away from Hongqiao Commercial District, which is set to become the next fully integrated commercial, logistical and financial hub servicing the Yangtze River Delta region.
The Hongqiao Commercial District will also house the largest integrated logistical nexus in the world, which is comprised of the Shanghai Express railway network, the Shanghai metro network and the Shanghai Hongqiao airport.
The land site is expected to generate over 246,000 sq m of residential gross floor area.
Ho Bee will own 40 percent of the project, while Yanlord will have the other 60 percent.