HONG KONG (Dow Jones)--Developers Wharf Holdings Ltd. (0004.HK) and China Overseas Land & Investment Ltd. (0688.HK) said Tuesday they won a joint bid to acquire a plot of land in the Chinese city of Tianjin for CNY2.70 billion.
The blue-chip companies said they set up a 50-50 joint venture to develop the land into residential and commercial properties, with a site area of around 1.62 million square feet and a total gross floor area of about 5.26 million square feet.
The companies said they haven't determined how much they will invest to develop the Tianjin plot.
