On May 27, the land reclamation project in the southern part of Diaoyuzui, Dadukou District, Chongqing, one of the ten trial PPP (public-private partnership) projects and the largest primary land development PPP project in Chongqing, succeeded in its call for bids, with Minsheng Royal Asset Management Co., Ltd., a subsidiary of Minsheng Bank, winning the bid. Attorney Jiang Lizhong from Dacheng’s Chongqing office advised on the bidding for the PPP project.

The project attracted a large number of social capital holders, amongst which two institutions hit the base bid price at the same time. After an extra round of bidding, Minsheng Royal Asset Management Co., Ltd., a subsidiary of Minsheng Bank, won the bid at 8.24% annualized fixed rate of return.

The southern part of Diaoyuzui Peninsula is a key development project of the municipal government of Chongqing. After it is fully developed, it will become a new landmark of Chongqing, joining Chaotianmen and Jiangbeizui and supplementing these other two landmarks. The total land area to be reclaimed covers 4,110 mu, including 1,785 mu of transferable land. The estimated overall floor space is 1,470,000 square meters. Chongqing Land Group has already invested approximately RMB2bn, while the PPP mode of cooperation, expected to last between 3 to 5 years, will involve about RMB6.59bn of investment. Minsheng Royal Asset Management Co., Ltd. will offer RMB5. 3bn, accounting for 80% of the total.