Ying Li acquires Chongqing site

Ying Li International Real Estate has purchased a commercial development site in the Chinese city of Chongqing for S$139.5 million.

The site has a total land area of 102,483 sq ft, and the company said it will develop the site into a 430,556-sq-ft high-end retail space and a 968,752-sq-ft grade A office space, with a total gross floor area of around 1.7 million sq ft.

The development of the site is expected to be completed in 2013, said Ying Li.

Located in the Jiefangbei CBD, the site is part of the RMB600-billion redevelopment plan of the Chongqing municipal government to transform Chongqing CBD into a financial hub.

Fang Ming, chief executive of Ying Li, said the company expects more multinational firms and corporations to set up offices in the area, given the central government’s "Go West" development policy, which is aimed at cutting the wealth gap between China’s wealthier eastern provinces and poorer western inland provinces.

The company also said it obtained credit facilities from Standard Chartered Bank worth US$200 million to finance the acquisition of the site and for its development.