Pan Hong buys land in China’s Huzhou city for S$46.7m

Singapore-listed Hong Kong-based property developer Pan Hong said on Thursday that it has acquired a land parcel in China’s Huzhou city for S$46.7 million.

The site will be used for the development of residential and commercial properties.

Located in Zhejiang province, the 103,000sqm site is estimated to yield a total gross floor area of around 216,000sqm. Construction for the project is expected to begin in the first half of next year.

Pan Hong said the acquisition will be financed using its internal resources and borrowings.

The company said this is not expected to have a material impact on its earnings and net tangible assets for the financial year ending March 2010.

Source : Channel NewsAsia – 30 Jul 2009

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