Hang Lung Properties said it would invest 4.5 billion yuan (HK$5.11bn) to develop a 'world-class' shopping centre on a newly acquired commercial site in Dalian, its first land acquisition since February 2007.

The company said it plans to develop the site, currently occupied by a sports stadium, into the city's largest shopping complex, with a total gross floor area of 220,000 square metres.

Executive director Terry Ng Sze-yuen said Hang Lung won the site at an auction for 1.2 billion yuan or 5,382 yuan per square metre.

South China Morning Post