China Merchants Property expanding in Shanghai

China Merchants Property Development has just bought into a villa project in Shanghai and is now looking at the acquisition of another property in the same city.

A subsidiary of the company based in Shenzhen paid RMB353 million for a 60% stake in Shanghai Fengyang Real Estate, which is responsible for Hyde Garden, a high-end residential real estate project in the Baoshan District of Shanghai.

The project is designed to cover a total land area of about 385,300 square meters. The apartments in the first phase have been sold out and those in the second phase have started marketing at the prices ranging from RMB11,500 to RMB25,000 per square meter.

China Merchants is also looking at another used land project on the skirts of Shanghai. It will likely take over the project from a local developer.

China Merchants Property is a state-owned integrated property company.