Two sites in China sell for $1.6b

In separate deals, two development sites in China have sold for a total sales price of $1.6 billion, according to government announcements.

China Overseas Land and Investment purchased a 1.9 million-square-foot mixed-use site in northern Beijing for RMB 5.45 billion ($847 million).

The site in Shahezhen town in Changping district is approved for construction of a total of 3.22 million square feet of gross floor area.

And Hong Kong Land purchased a plot of commercial land in Nanjing, the capital of eastern China’s Jiangsu province, for $745 million.

According to Mingtiandi, Hong Kong Land plans to develop the site into a 1,043-foot skyscraper.