Silverstein Wins Record $2B Land Deal In Chinese Pilot Zone

Law360, New York (January 24, 2014, 2:45 PM EST) -- New York-based developer Silverstein Properties Inc. and a Chinese partner have acquired land in a fledgling pilot economic zone in south China for a record 13.4 billion yuan ($2.2 billion).

Land authorities for the city of Shenzhen announced Thursday that they had sold off the plot, zoned as part of the Qianhai Bay project, to Silverstein and its co-bidder, Qianhai International Energy Financial Center.

The purchase makes Silverstein the first overseas developer in the Qianhai Bay project, which is geared toward attracting financial businesses, including insurance...
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