[ET Net News Agency, 3 January 2020] Shanghai Industrial Urban Development Group
Limited (00563) said the project company has successfully bid the land use right of the
land situated at Xuhui District, Shanghai, the PRC at the consideration of RMB4,628
million. On 2 January 2020, the project company had entered into the land use right grant
contract with Shanghai Xuhui Planning and Land Resources Administration in relation to the
land acquisition.
The project company is held by SSUD (a wholly-owned subsidiary of the company), Shanghai
Nuozhuo (a joint venture company held as to 50% by the group), SAST and the SAST
subsidiary as to 5%, 55%, 0.11% and 39.89%, respectively.
The land has a total site area of 91,000 sq.m. and an estimated gross floor area of
510,000 sq.m., comprising an aboveground gross floor area of 350,000 sq.m. and a
belowground gross floor area of 160,000 sq.m. The land is designed to be used for
scientific research and design with a term of 50 years and residential rental housing with
a term of 70 years, respectively. (RC)