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
Microsoft, Brookfield to partner on renewable energy projects
UK house prices fall again after mortgage rates creep higher
Why the yen is so weak and what that means for Japan
UAE's top bank FAB beats Q1 profit estimates
IndoAgri appoints former EDB chairman Philip Yeo as chairman and lead independent director
US, Philippines eye agreement to cut China nickel dominance