Home / China News / News detail

General Motors acquires a piece of cheap land in Shanghai

Tony From Gasgoo.com | February 27 , 2008 15:58 BJT

Shanghai. February 27 (Gasgoo.com) General Motors acquired a tract of land of 120,000 square meters from Shanghai Jinqiao Export Processing Zone Development Co at a dirt cheap price, the Shanghai-listed real estate company said in a recent announcement.

General Motors acquired the land at RMB 1,000 yuan ($139.66) per square meter, while the market price of this land is about RMB 1,800 ($151.40) per square meter. General Motors saves RMB 96 million yuan ($13.41 million) from this land transaction.

Shanghai Pudong Jinqiao said that it could acquire as much as RMB 237 million yuan ($33.10 million) in the next five years from the appreciation of land value in the surrounding areas after G.M. takes this land.

Separately, General Motors signed a land use agreement with the government of Pudong New Area last October. Under the agreement, General Motors will set up a GM China Park in Pudong New Area and both Shanghai G.M. and G.M. China will move their headquarters and other facilities into this Park.

The Park is seated in the vicinity of a Shanghai GM plant, Pan Asia Technical Automotive Center, and Shanghai GM distribution center. The Park will start construction this year and will be complete by 2009, a General Motor official said.

Gasgoo not only offers timely news and profound insight about China auto industry, but also help with business connection and expansion for suppliers and purchasers via multiple channels and methods. Buyer service:buyer-support@gasgoo.comSeller Service:seller-support@gasgoo.com

1: Top stories of Chery in 2024

2: XPENG's 2024 full-year highlights in smart mobility innovation, global market expansion

3: BYD to launch intelligence strategy on Feb. 10

4: CATL to offer DHL Group integrated energy solutions