New World Development to pay US$592 million for Shanghai site in first major deal by scion of Hong Kong property empire

New World Development is developing a prime commercial site in Shanghai in the first major deal in mainland China by the heir to Hong Kong’s fourth-largest property group.The Hong Kong-listed developer won the bid for a 17,170 square metre (184,817 sq ft) land parcel located at Middle Huaihai Road for 4.11 billion yuan (US$592 million), according to a company announcement on late Tuesday. The site sits along the city’s most expensive shopping belt fashioned after Avenue des Champs-Elysées in…

Read the original article at South China Morning Post