Silverstein and QIEFC Win $2.21 billion Qianhai Land Sale
New York City developer Larry A. Silverstein today announced that Silverstein Development Corporation, an affiliate of Silverstein Properties, and its mainland Chinese partner, Shenzhen Qianhai International Energy Financial Center Co., Ltd (“QIEFC”), bid 13.4 billion RMB ($2.21 billion) to win a land sale in Qianhai, the pilot economic zone in the southern Chinese city of Shenzhen.
Located within a half-hour commuting radius of Hong Kong and Shenzhen, the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone (“Zone”) will focus on finance, logistics and technology services. The Zone hopes to interact positively with Hong Kong to facilitate reforms in China’s financial market, and to work collaboratively with Hong Kong to build an offshore yuan trading center to promote the internationalization of yuan, as it seeks to provide services in Renminbi, bond and equity offerings, insurance products and trade settlement.
Larry Silverstein, Chairman of Silverstein Properties said: “This is an incredibly exciting project for me personally and for our company. We have an opportunity to master plan, design, build and manage a central business district without parallel anywhere in China, perhaps anywhere in the world. This also marks a major milestone in Silverstein’s development history. I look forward to continuing our great partnership with QIEFC, and working closely with the Shenzhen Government on this historic project.”
The total land area is 51,416 square meters (553,437 square feet). The planned gross floor area is 477,000 square meters (approximately 5.13 million square feet) of which approximately 300,000 square meters (approximately 3.22 million square feet) are for office use, approximately 60,000 square meters (approximately 640,000 square feet) are for retail use, approximately 60,000 square meters (approximately 640,000 square feet) are for business apartment use and approximately 50,000 square meters (approximately 530,000 square feet) are for hotel use. Property management space, public amenities and municipal engineering facilities will total approximately 10,000 square meters (approximately 100,000 square feet).
Marty Burger, CEO of Silverstein Properties said: “Thanks to its policies, location, transportation access and world-class architecture, I believe that Qianhai will become one of the most successful business districts in the world. In a few short years, it will become home to many of the world’s leading companies and financial institutions. In many respects, this project is similar to what we are doing in Lower Manhattan at the World Trade Center, where we are creating a dynamic, mixed-use 24/7 community that will be a magnet for the world’s top companies.”
Mr. Burger added: “We have had a great relationship with QIEFC and look forward to working closely with our partners to plan, build, lease and operate the Qianhai Cooperation Zone.”
QIEFC President of the Board Wu Zhengeng said: “The success of the bid auction is the result of two years of cooperative efforts between QIEFC and Silverstein. We believe, with great support from Shenzhen Municipal Government and Qianhai Authority, QIEFC and Silverstein are capable of building and operating a world-class financial center in Qianhai.”
