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Glorious Property Secures Tianjin Land for RMB 850m
Published on: 2009-10-14
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Shanghai-based real estate firm Glorious Property Holdings said that it plans to acquire two pieces of land in Tianjin for a total of RMB 849 million, or RMB 1,422 per square meter in potential floor area, sources reported.

The two land parcels are located in Dagang District and have a potential gross floor area of 597,000 square meters.

The Hong Kong-listed property developer plans to build high-end residential buildings on the two sites. The project will be built in two phases, and the company hopes to sell the buildings in the first phase in the first half of 2011.

As of June 2009, Glorious Property had 19 projects in major Chinese cities, including seven in Shanghai. Its land reserves amount to 13.60 million sq m, 56% of which are in Shanghai, Beijing and Tianjin.

The property developer recently raised US$1.28 billion from its initial public offering in Hong Kong. The IPO is the third largest recorded on HKEx so far this year.

Shares of Glorious Property fell 4.48% to close at HK$3.41 on Monday.
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