By Zhou Chenggui City Express

Recently, Simon Group, the US largest company engaged in investment, development and management on commercial real estate, has landed in China, becoming the first real estate investment trust of US in China. Simon Group select its first stop in Hangzhou.

Simon Group, Morgan Stanley Real Estate Fund (MSREF) and Shenzhen International Investment Commercial Real Estate Co., Ltd have signed the cooperative agreement on developing the commercial real estate.

According to sources, the cooperative partners currently have more than 12 prospective development projects, and a total of approximately 750,000 square meters of projects will be gradually carried out in terms of the present schedule for cooperative development. Each of these projects covers an area of between 40,000 -70,000 sqm. Walmart will be the main unit of each project and Warner Cinema will also become the main unit of some projects.

At the first land grant conference of Hangzhou held on February 6 this year, Shenzhen International Investment (Hangzhou) Commercial Real Estate Co., Ltd gained the No. 1 land (2005) of Hangzhou government reserved grant land with the high price of RMB 89.97 million.

Lying in Xihu District, the land reaches Sanba Village of Sandun Town in the east, Yuhangtang River in the south, Gudun Road in the west and Miaopu of Sanba Vilage, Sandun Town in the north. The area of the grant land reaches 1,8170 sqm ad the construction area after completion will achieve 46,000 sqm.