Aggressive Landbanking May Stretch Balance Sheet
We highlighted China Resources Land in our January report "China Real Estate: Quality Retail Properties to Outperform." We view the company as one of the few domestic developers with the expertise and commitment for developing and managing quality retail assets. The company, through a joint venture with two domestic partners, recently acquired a prime commercial lot in Shanghai for CNY 5.8 billion, outbidding two Hong Kong developers, who with their cohorts, have long been dominant in the city’s...China Resources Land is an investment holding company. Through its subsidiaries, Co. is engaged in the development and sales of developed properties, property investments and management, hotel operations and the provision of construction, decoration and other property development related services in the People's Republic of China. As of Dec 31 2014, Co. operated in four segments: sale of developed properties, property investments and management, hotel operations, and construction, decoration services and others.
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