CR Land, parent to invest 6b yuan in Beijing project.

(From The Standard)

Byline: RaymondWang

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 …