Date
13 December 2017
Qianhai authorities are believed to have reserved a site for Tencent in an upcoming land auction. Photo: www.SZnews.com
Qianhai authorities are believed to have reserved a site for Tencent in an upcoming land auction. Photo: www.SZnews.com

Qianhai said to earmark a land plot for Tencent in May auction

Authorities overseeing the Qianhai Shenzhen-Hong Kong Modern Services Zone are putting four commercial land parcels on tender for usage rights, with the floor price for the bids ranging from 646 million yuan (US$103.56 million) to 1.95 billion yuan, the Hong Kong Economic Journal reported Thursday.

One site is believed to have been reserved for Tencent Holdings (00700.HK), the paper said, citing information provided by a source to Sina.com.

The eligibility rules for the site include a clause that the bidders have to be listed companies engaging in internet business, with revenues in 2012 and 2013 exceeding 40 billion yuan each year.

New York-listed Sina Corp, NetEase and Sohu.com fail to meet the revenue requirements, the report noted. Meanwhile, Tencent chairman Ma Huateng has pledged to invest at least 10 billion yuan in the Qianhai zone following a letter of intent signed with the authority last year.

The four land parcels, occupying a combined 74,300 square meters and offering a total floor area of 582,000 square meters, are targeted at companies in the sectors of internet services, private equity funds, electronic commerce and communications technology. One site is said to be earmarked for each of the four above-mentioned businesses, with each sector having has its set of requirements with regard to their incomes and registered capital.

The auctions will take place on May 22.

– Contact HKEJ at [email protected]

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