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Shanghai Industrial Urban Development Group Ltd ( (HK:0563) ) has provided an announcement.
Shanghai Industrial Urban Development Group has acquired land use rights for a mixed-use site in Xuhui District, Shanghai, for approximately RMB2.675 billion through a government public auction. The parcel, near existing and planned metro lines between the city’s Middle and Outer Ring roads, covers 27,570.79 square meters and allows a gross floor area of about 55,141.58 square meters, implying an average land cost of RMB48,511 per square meter.
The site is designated for 75% residential and 25% commercial development, with the retail portion aimed at serving local community needs and enhancing the value of the residential units. The company expects both the sale of apartments and long-term operation of commercial facilities to provide stable cash flow, reinforcing its strategic land reserves in Shanghai and supporting its ongoing sustainable growth in the ordinary course of business.
The most recent analyst rating on (HK:0563) stock is a Hold with a HK$0.50 price target. To see the full list of analyst forecasts on Shanghai Industrial Urban Development Group Ltd stock, see the HK:0563 Stock Forecast page.
More about Shanghai Industrial Urban Development Group Ltd
Shanghai Industrial Urban Development Group Limited is a Hong Kong-listed property developer incorporated in Bermuda, focusing on urban real estate projects in mainland China. The group engages in residential and commercial property development and operations, with a strategic emphasis on building a sustainable land bank in key metropolitan markets such as Shanghai.
Average Trading Volume: 1,714,097
Technical Sentiment Signal: Strong Sell
Current Market Cap: HK$1.39B
For a thorough assessment of 0563 stock, go to TipRanks’ Stock Analysis page.