On March 15, 2010, the Urban Land Coordination and Reserve Center of Beijing Municipality organized the first on-site bidding for the use of six land parcels, including Jimen Hotel reconstruction and the surrounding land use project. Jimen Hotel reconstruction and the surrounding land use project of Haidian District is a primary development project with the sub center of Land Reserves Center as the main body. On that day, more than 50 rounds of on-site biddings were performed. Finally, Beijing Hongye Expo Real Estate Company won the bid at a total price of 1.76 billion Yuan. The project covers a total area of 44,507.6 square meters and the total planned floor area is 104,537 square meters.