Hengqin land auction opens at RMB89mln

A plot of land occupying some 20,000 square metres in Hengqin New Area was listed for auction last week, for a reserve price of at least 89 million yuan, making it the most expensive plot of land that the Area has book on the block recently.
According to Chinese-language newspaper Macao Daily, this plot of land, located on the west side of the Hengqin Border, is to be sold for commercial and office use for Mainland, Macau and Hong Kong enterprises.
Occupying 1.989 square metres, this plot of land costs 6,350 yuan per square metre. Its gross floor area, calculated by floor space reached 140,000 square metres.
Meanwhile, the notice of the auction regulates that the party who puts in the winning bid cannot build commercial elements occupying more than 20 per cent of the total gross floor area. In addition, commercial apartments should not be more than 25 per cent while office area cannot be less than 55 per cent.
On the other hand, the winning bidder will need to build an underground passageway for public transportation, of which the construction fee will be met by the winner, who must ensure the facility is open to the public 24 hours free of charge.
According to the notice, the auction will only accept bids from listed enterprises, not joint bids or bids from individuals. Meanwhile, the future landlord may only re-sell the plot of land five years after the acceptance check of the completion of its construction.
K.L.