Shanghai Jinyukun Industrial Development Co., Ltd signed a deal Wednesday to acquire the whole of Shanghai Pudong Aviation Industrial Development Co.,Ltd.; the first equity project in the Shanghai Free Trade Zone, according to the Shanghai government website.

Jinyukun sealed the deal for 230 million yuan ($37.81 million). The premium is 91.67 percent.

The project will cover 10,005 square meters and includes five buildings over an area of 14395.49 square meters.

Jinyukun president Lu Yidong said he decided to buy the plot because he has confidence in the development potential of the free trade zone.

He said this company would develop it into a nonferrous metal trade center and he hopes the total trade volume will reach 500 billion yuan in the next three to five years.