PICC consortium to buy Guangzhou plot

Business | Tereza Cai 4 Dec 2018

PICC Property and Casualty (2328) has set up a consortium with PICC Life and PICC Health to buy a plot in Guangzhou.

The members will be entitled to 58 percent, 32 percent and 10 percent of the land use right of the state-owned plot, respectively.

The consortium will participate in online bidding for the land use right of a plot in the initial zone of the Financial City in Tianhe District of Guangzhou province, to be used for business office and commercial service purposes with a total area of 13,832.08 square meters.

The bid deposit is 231.11 million yuan (HK$262.31 million). Fifty-eight percent of the deposit, or 134.04 million yuan, should be paid by PICC Property and Casualty.

The initial bidding price is 1.16 billion yuan and the PICC will pay 670.2 million yuan for the bidding premium.

PICC shares rose 3.49 percent to HK$8.31 yesterday.

Country Garden's (2007) November contracted sales fell 32 percent year on year from 49.5 billion yuan to 33.75 billion yuan.

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