SUMMIT Property Development Co Ltd, a major privately owned real estate developer in Shanghai, yesterday acquired a plot of land near the city's Hongkou Stadium for 1.55 billion yuan (US$204 million), after beating Hong Kong rival Hutchison Whampoa.
Designated for commercial, office and hotel development, the 28,696-square-meter parcel has a plot ratio of 5.3, giving the deal a gross-floor-area price of 10,191 yuan per square meter.