China Resources Buys Stalled Shenzhen Mega-Project for $1 Billion
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An aerial view of the Shimao Shenzhen-Hong Kong International Centre under construction in Shenzhen, Guangdong province. Photo: VCG
State-owned developer China Resources Land Ltd. acquired a stalled mega-project site in Shenzhen for 7.05 billion yuan ($1.03 billion) on Wednesday, ending a four-year standstill after the previous owner defaulted.
The company secured the commercial and residential parcel in Shenzhen’s Longgang district at the base asking price after local authorities repossessed the undeveloped land and revised zoning rules to attract new investment.
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