May 19, 2009 (China Knowledge) - SOHO China Ltd<0410>, a leading real estate developer in China, on May 17 announced that it has been allowed to buy commercial properties on and around Qianmen Avenue in Beijing for RMB 32,328 per square meter (sq m) or RMB 1.77 billion in total, sources reported.

The commercial properties have a combined potential floor area of 54,691 sq m, of which 22,763 sq m have been completed and of which the remaining 31,928 sq m, in an area to the east of the Qianmen Avenue, are under c**truction. The whole project will open for leasing on Oct. 1.

The Hong Kong-listed company will purchase the commercial properties through Beijing Danshi, a firm wholly-owned by Pan Shiyi, chairman of SOHO China. Beijing Danshi has invested a total of RMB 1.3 billion in the Qianmen Avenue project since 2007.

The Qianmen Avenue project includes 44 pieces of land in total. In March 2007, Beijing Danshi purchased a 49% stake for RMB 144.1 million in a state-owned property firm to obtain the use rights of 33 of the 44 land lots.