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Chiwayland unit acquires land parcel for 570m yuan

Chiwayland International Limited said its 60 per cent-owned subsidiary, Suzhou Chiway Shangcheng Real Estate Co Ltd, has on Aug 28 won the bid for the land use rights for a land parcel in Nanjing city of China's Jiangsu province.

The consideration for the land parcel covering 14,185 sqm is about 570 million yuan (S$125.5 million). The site is expected to be developed into residential and commercial units.

The group intends to finance the acquisition through internal source of funds and external borrowings.