The bidding for the reconstruction project of the Xiao Gang Wan Zone in Qingdao has finished with Hutchison Whampoa Property Qingdao winning with RMB2.7 billion.

Hutchison Whampoa Property Qingdao is a subsidiary of Li Ka-Shing Unity Trustee Corporation.

This is the second time that Li Ka-Shing has invested in a real estate project in Qingdao. The first project, Wu Si Square, was developed ten years ago and has already become a landmark building in Qingdao.

Hutchison Whampoa Property Qingdao has prepared US$7 million registered capital and a US$5 million initiation fund for the project. The construction work is expected to start soon.

As the government imposed a high threshold for the bidding, only Hutchison Whampoa Property Qingdao and Qingdao Xiao Gang Wan Tourism and Development Company participated in the bidding.