C C Land Holdings has teamed up with New World China Land to build a hotel project in Yubei District, Chongqing.
According to the agreement, C C Land will acquire a 20% stake in the hotel project for RMB51.6 million or RMB3,200 per square meter of potential floor area.
The project, which should be 80,661 square meter in size, will be completed in 2012 and will consist of a five-star hotel, an extended-stay hotel and 500 parking spaces. Note that there is a dearth of suitable hotels in the area. Holiday Inn North Chongqing is perhaps the only international business hotel in North Chongqing.
The hotel project is part of C C Land’s mixed-use property project in Chongqing’s Yubei District. The project will be made up of shopping malls, hotels, office buildings and apartments.
Alibaba.com reports that on June 29 C C Land gained approval to issue corporate bonds worth up to RMB790 million. The proceeds will be used to develop the project, to repay some loans and to replenish working capital.