HONG KONG, Nov. 22 (UPI) -- Hong Kong-based Hutchison Whampoa Ltd. is paying $564 million for two plots of prime land in Shanghai, China.
HWL, which gained the Pudong New Area property in a public auction, plans to build hotels, offices, retail outlets and entertainment facilities on the 4.09 million square foot tract.
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Other bidders for the property, which was being sold by Shanghai Lujiazui Finance & Trade Zone Development Co., were Sun Hung Kai properties, Swire Pacific Ltd. and the Chinese mainland's biggest retailer, Bailian Group.