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Yuexiu Property wins auction for $1.5 bln Wuhan commercial site
September 12, 2013 / 4:27 AM / 4 years ago

Yuexiu Property wins auction for $1.5 bln Wuhan commercial site

HONG KONG, Sept 12 (Reuters) - Chinese developer Yuexiu Property on Thursday won an auction for a site in China’s northern city of Wuhan worth 9.01 billion yuan ($1.5 billion), according to leading property website

Yuexiu Property outbid other mainland developers such as Shimao Property Holdings and Financial Street Holdings to build offices, residential buildings and shopping centres in Wuhan, the capital of Hubei province, and one of the most populous cities in central China.

Last week, Hong Kong’s largest developer Sun Hung Kai Properties won an auction for a commercial district site in Shanghai worth a record of 21.77 billion yuan ($3.6 billion).

Shares of Yuexiu, which has a market value of $2.7 billion, fell 0.4 percent on Thursday morning, lagging a 0.2 percent rise in the benchmark Hang Send Index. (Reporting By Yimou Lee; Editing by Anne Marie Roantree)

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