WITH a reserve price of 1.87 billion yuan (US$287 million), an investment company based in Pingshan District won a commercial land lot from the Shenzhen Land & Real Estate Exchange Center on Wednesday afternoon.
According to the auction’s requirement, the company, known as Pingshan City Investment, must construct a building no shorter than 300 meters and make it into a new landmark for the district, the Shenzhen Special Zone Daily reported.
The land, covering an area of 30,699.21 square meters, is located at the intersection of Zhongshan Boulevard and Zhenhuan Road. The company can develop and use this piece of land for 40 years.
It is the second piece of commercial land to be auctioned off to become an urban landmark in east Shenzhen since a piece of land was sold in the Dayun area of Longgang District for development into a 600-meter-tall skyscraper in Longgang.
Based on the contract, the developer can sell the commercial apartments after completing the construction of the building in Pingshan within certain requirements.
The space for property management will belong to the property owners, whereas the government retains the ownership of public charging poles and waste classification stations.