Kardan has won an auction with a local partner to acquire land with construction rights of about 109,000 square meters in the city of Hangzhou in China.

Kardan will pay $62 million for the 10,400 square meters of land together with partners.

Of the partners Geely Group will hold 40% of the project.

Kardan’s subsidiary GTC Real Estate China will hold 50% of the project and a third party will hold 10%.

Total construction costs of the residential, retail and office development will amount to $241 million, including the price paid for the land.

Construction is expected to start in 2009 and will take about three years.
Source: Interactive Investor