Largest Auctioned Land Lot in Qianhai Purchased by Tencent

Largest Auctioned Land Lot in Qianhai Purchased by TencentTencent Holdings recently won a parcel of land in Qianhai economic zone in a land auction that also saw three other parcel of lots being sold to other companies as well as developers are seeking a quick recognition by attracting well known companies into its territory.

Tencent paid the base price of 1.55 billion yuan to get the largest parcel of land at the auction that covers an area of 24,948 sqaure meters. Meanwhile Legend Holdings a private equity firm of HOny Capital was able to get a 15,063 square meter parcel of land for 646 million yuan and Minsheng E-commerce Co. the e-commerce vehicle of Chine Minsheng Banking bought a 24,317 square meter land parcel for 1.57 billion yuan. Shenzhen Hengchang Technology Development paid 1.95 billion for a 9,985 square meters of land. The auctioned site have a combined area of 582,000 square meters which is the most land sold during a single auction in Qianhai. The auction was widely expected and Tencent, Hony, and Minsheng E-Commerce is expected to the winners are well. The winners were able to buy the land at a base price.

Authorities in Qianhai is requiring the bidders of the largest land parcels to be listed Internet companies that have revenue of more than 40 billion yuan in the past year. Once completed the office buildings will be allowed to be used for the purchaser’s own use.

Tencent promised to invest at least 10 billion in Qianhai to further tap the country’s testing ground to open itself for more liberal financial policies. The company will be setting up six firms which will include two e-commerce companies.

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