Sector brief: Property
Nanjing retakes Wharf, China Merchants’ land
February 5, 2010: The Nanjing government’s following through on land reclamation rules should serve as a warning to all
The Nanjing government has terminated the sale of a parcel of land to Wharf (Holdings) (0004.HK) and China Merchants Property Development (200024.SZ) and reclaimed the site due to outstanding land premiums. The government will also keep the US$32 million deposit the developers put down following their successful US$350 million joint bid for the land in December 2007. Wharf said it had factored the loss into its 2008 accounts after deciding to drop the project.
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