Home
/ China News / News detail
General Motors acquires a piece of cheap land in Shanghai
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.
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
All Rights Reserved. Do not reproduce, copy and use the editorial content without permission. Contact us: autonews@gasgoo.com
