August 16, 2013 / 7:32 AM / 4 years ago

China Resources Land wins site in Shenzhen's new economic zone with $1.8 bln bid

HONG KONG, Aug 16 (Reuters) - Hong Kong-listed China Resources Land Ltd on Friday bid 10.9 billion yuan ($1.8 billion) to buy a commercial site at a $45 billion financial centre the Chinese government is building in the southern boom town of Shenzhen.

China Resources Land, which has a market value of $17.9 billion, outbid mainland developer Shimao Property Holdings Ltd for the plot in the Qianhai district, which is an hour’s drive from Hong Kong.

Last month, two commercial sites in the same district were sold to mainland developer Excellence Group for a total of 12.4 billion yuan. One of the plots was sold for 7.18 billion yuan, a record high for land prices in Shenzhen.

($1 = 6.1125 Chinese yuan)

Reporting By Yimou Lee; Editing by Miral Fahmy and Matt Driskill

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