Glorious Property Holdings (0845.HK), which launched an initial public offering in Hong Kong last month and is chaired by tycoon Zhang Zhirong, has purchased two pieces of land in Shanghai for a total of RMB2 billion, the Standard reported.

 

The Shanghai-based real estate developer said its wholly-owned subsidiary Wuxi Wangjiarui has agreed to acquire the entire equity interest in the two sites from the vendor, Jiangsu Rongsheng Shipbuilding.

 

The developer plans to develop a large-scale commercial project, comprising office buildings and serviced apartments, on the two sites.

 

One site, at 143 Xujiahui Road, has a gross site area of 26,222 square meters, with a plot ratio of 2.5 times.  The site can be developed for commercial, office and cultural use.  The other site, at 292 Caohejing Road, has a gross site area of 17,611 square meters, with a plot ratio of 4.23 times, and it can be developed for commercial and office use.

 

The acquisition is a great opportunity for the firm to buy two large parcels of land in Xujiahui District, which has an excellent location in the central business area of Shanghai, at a reasonable price, said Glorious Property.

 

Shares of Glorious Property slightly edged down 0.3% and closed at HK$3.9 on Friday.