Wumart Stores Inc., the Chinese supermarket operator, has acquired 80,000 square meters of underground space in Beijing’s Shijingshan district for 322 million yuan (US$52.85 million), Beijing Youth Daily reported Tuesday, citing unidentified sources. It acquired the property as Beijing held an auction for the first time for an underground space, the report said. The deal translated to a floor price of 4,025 yuan per square meter. No more than 42,000 square meters of the underground space should be used for commercial businesses, according to the report.
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