Yuexiu Property buys land in Guangzhou for 6.45 billion yuan
GUANGZHOU-BASED Yuexiu Property has acquired a land parcel in Tonghe, Baiyun District, in Guangzhou through an open tender for 6.45 billion yuan (S$1.37 billion).
The land for residential use spans some 147,736 square metres and has a total gross floor area of about 648,912 sq m with an average land cost of 9,900 yuan per sq m.
In an announcement, Singapore Exchange-listed Yuexiu said the deal was part of the firm's plan to acquire quality landbank in line with its strategy to "return to Tier 1 and Tier 2 cities".
The firm's landbank in Guangzhou amounts to six million sq m, which it said will further strengthen Guangzhou's strategic position as its headquarters.
The parcel of land is located in the city centre and is accessible through a well-developed road network. Surrounded by mountains, the land lies in the northern extension of Guangzhou Central Axis which has huge potential for development, the firm said.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Nestle sales growth sputters on US slump, vitamin snags
BNP Paribas beats estimates as lower costs offset trading slump
TikTok ultimatum puts US firms in firing line for China response
Toyota and Nissan pair up with Tencent and Baidu for China AI arms race
BHP targets Anglo American in bid valuing miner at US$39 billion
FTSE 100 hits record high on big mining M&A, earnings push