Yuexiu Property's (HKG:0123) subsidiary Hangzhou Yile Industrial Investment through a union with Shanghai Hongrun Real Estate won a bid for a land parcel in Yangsi, Pudong, Shanghai for 5.09 billion yuan, a Thursday bourse filing said.
The bid was won by way of an open tender for the land parcel intended for residential use. The land parcel has a total site area of 27,258 square meters and a total planned gross floor area of 104,369 square meters.
The company owns an effective attributable interest of 51.00% in the land parcel, and the parties to the union will establish a project company for the development of the land.
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