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(From The Standard)
China Resources Land and parent China Resources Holdings will invest six billion yuan (HK$5.77 billion) to develop a housing project near Tsinghua University and Peking University in Beijing.
The group unveiled the project cost Monday after securing last month the 456,140 square meter residential- commercial site at Qinghe town, Haidian district, for 2.57 billion yuan.
The site, the largest to be sold at auction in the capital, could yield a gross floor area of up to 800,000 sqm when completed in 2010, according to CR Land's managing director, Wang Yin. The site is 51 percent owned by CR Land and …