China Resources Land, the property arm of a mainland conglomerate, plans to acquire a large residential-commercial redevelopment project in Shenzhen from its parent as early as 2011.
The project, covering a gross floor area of 2.8 million sq m in Nanshan, is under government redevelopment, according to the listed property unit of state-owned China Resources Holdings.
Chairman Song Lin, also the chairman of China Resources Holdings, said the parent had obtained the rights to redevelop the 680,000 sqmetre site from the Shenzhen government.
The parent could inject it into CR Land when the first phase was ready for pre-sale, Mr Song said.
'It will not happen next year. I think ... the year after next at the earliest,' he said.
South China Morning Post