Hopson secures property site in Beijing for RMB 858 mln

Hopson Development Holdings Co<754>, a Hong Kong-based property developer controlled by Chinese billionaire Chu Mang Yee, has won bidding for a commercial and hospital property site in Beijing for RMB 858 million or RMB 6,173 per square meter, as the sole bidder in the auction, sources reported.

The real estate developer said the property site is located in Chaoyang District with a total area of 47,285 square meters.

The site was expected to be developed into commercial or financial projects and a hospital with a total gross floor area of 139,186 square meters, the company added.

On Monday, shares of Hopson tumbled 10.03% to close at HK$3.05, while the Hang Seng Index gained 1.59%.