Shimao Property Holdings Limited successfully acquired two premium land sites at Yuhang district of Hangzhou city, Zhejiang province, at a consideration of RMB360 million. Located at the east of Nanhu East Road, which is currently under planning, the two lots have a total site area of nearly 80,000 sq. m. and the planned aggregate GFA is approximately 180,000 sq. m. Both lots are for commercial and residential use.

Hangzhou, the capital city of Zhejiang province, is one of the seven ancient cities in China which has 2200 years history. As a well-known historical and cultural city as well as a world-famous tourist city, Hangzhou enjoys abundant natural scenery and humanistic landscapes. The landscape of West Lake is the most popular throughout the world, which is praised as “Earthly Paradise” together with Suzhou.

Recently, sustained and rapid economic development in Hangzhou brought active, healthy and highly mature development of the real estate market. Yuhang District, as one of the eight districts in Hangzhou, is the bridgehead connecting Hangzhou and Shanghai which boasts convenient transport and beautiful natural environment.

Till now, the aggregate GFA of the projects which have been developed and under development by Shimao Property is nearly 1.5 million sp.m. The Group increases investing in Hangzhou, which shows the confidence of future long-term development in Hangzhou and Yangtze River Delta region, and will strengthen the momentum for sustainable development.