Yanlord buys site in China for $568 million

Yanlord Land Group has acquired a residential development site in Shanghai for about 2.89 billion yuan ($568 million), the Singapore listed developer said yesterday in a filing with the stock exchange.

The land, which was acquired in a public auction, is in Tangzhen New District in Shanghai’s Pudong and has a total planned gross floor area of about 179,944 sq m, Yanlord said. The winning bid translates to about 16,102 yuan per sq m, it added.

Source : Today – 1 Oct 2010

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