The most expensive parcel of land on the Chinese mainland was sold for 9.22 billion yuan (US$1.35 billion) to Shanghai Zendai Property Ltd. to be redeveloped into commercial properties and office buildings. This 57,000 square-meter plot on the Bund in Shanghai was also bid on by 3 other Chinese conglomerates, including an entity consisting of China Enterprise, China Pacific Life Insurance and Taikang Life Insurance, as well as Shanghai New Huangpu Group, and finally another entity which included Shanghai Forte Land and Shanghai Fosun, with Shanghai Zendai Property Ltd. being the highest bidder. This area of the Bund is to be turned into a financial metropolis that will put Shanghai on the main stage of global finance. The project will require much capital and government cooperation, in which Shanghai Forte owner Guo Guanchang (the 37th richest person on the Chinese mainland) will take part in as an 8% shareholder. Estimated development plans include buildings as large as 270,000 square meters above ground and 100,000 meters of space underground. Construction of the primarily office-building structures is expected to begin between November 2010 and April 2011.
Scott Garner, Director of Lehman, Lee & Xu’s Shanghai office stated that “Similar to most other major cities in China, Shanghai is experiencing a wealth of development and investment being pumped into the city. Our dedicated Shanghai team offers a range of legal advice to both domestic and international companies, to aid them with their ventures and legal concerns in Shanghai.”
Having offices throughout mainland China, has allowed Lehman, Lee & Xu to promptly deal and assist with client’s queries throughout the country. Our Shanghai office, situated in the heart of the commercial and business district allows us to interact with our client’s on a face to face basis, and deal with any legal issues they may be experiencing.
Should you have any queries related to our Shanghai office, or any aspect of the scope of work Lehman, Lee & Xu performs, please contact us at mail@lehmanlaw.com.