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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.