Luxury Property Developer Acquires Prime Site in Wulihe，Shenyang

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<p>Shimao Property, a leading developer of high quality real estate projects in China, has acquired a prime site, which is the former Wulihe Stadium, located in Shenyang City, Liaoning province. </p><p>The acquisition was made at a consideration of RMB1, 600 million (approximately HKD1, 589 million). This is the group's sixth move in increasing its land bank in the year and its land bank has reached 17.20 million square metres.</p><p>As the provincial capital of Liaoning, Shenyang is a pivot city of north eastern China, and also a major city of strategic importance in developing the north eastern region of the country by the central government. It is also one of the top ten cities with largest population on the Mainland. </p><p>Located at the prime location in the urban centre of Shenyang and adjacent to the international hotel area, the land site has an aggregate area of over 180,000 square metres. It is also situated at the key location of "Central Urban Corridor" in the city centre, with close proximity to the Metro Line Two station of the area, which is currently under construction. The site is favourable for the development of top end office property, five-star hotels and luxury residential property. In addition, this site is a renowned place of competition for football matches, where the national football team successfully entered into the World Cup in 2001.</p><p>The land site will turn into an integrated community project with a gross floor area of over 1.5 million square metres, which include high end residential property, top class commercial and office property, five-star hotels and related ancillary facilities reaching international quality and operational standard. Upon completion, the project is set to be a new landmark of modern service industry in north eastern China, further enhancing the role and importance of Shenyang and its "Central Urban Corridor", and realising its goal to become the gateway to the north eastern part of the country.<br/></p>