Qianhai to Auction Largest Parcel of Land to Tencent

Qianhai to Auction Largest Parcel of Land to TencentThe Qianhai economic zone plans to auction of another four parcels of land with a total area of 74,300 square meters. One of largest lot is said to be purchased by Tencent Holdings as the company is seeking for a quick recognition as they plan to attract prominent companies to their territory. the four parcel of land will have a base price of around 5.7 billion yuan to construct office buildings that will be sold of this May.

Last year Qianhai was able to sell of six parcel of land with a total area of around 2.55 million square meters for around 40 billion yuan. During this time the selling of the land has passed strict test restrictions on bidders based on their industries, revenue, capitalization and business relationships with other global companies.

Bidding for the largest parcel of land which measures 24,948 square meters will be sold next month, and bidders are required to be listed internet companies that has realized revenue of 40 billion yuan for the past year. And once completed these office buildings will be used for the purchasers own use.

Tencent plans to invest 10 billion yuan in Qianhai as the company plans to tap China’s testing ground for issuing more liberal financial policies. Tencent created six firms which include two e-commerce companies, internet finance companies and is also planning to set up a bank in Qianhai.

The three remaining lots will be sold of to a private equity firm, a foreign invested company and a e-commerce firm.

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