New World Development has bid $590 million for a 17,170-square-meter (184,817-square-foot) site on Huaihai Road, Shanghai. The site sits along the city’s most expensive shopping belt fashioned after Avenue des Champs-Elysées in Paris.
The transaction is the biggest land deal in Shanghai for Adrian Cheng, the newly appointed CEO of New World since February.
World Development plans to build its second commercial project in Shanghai under the brand of K11.
