Yuexiu Property acquires land in China’s Guangdong for S$112m

Singapore-listed developer Yuexiu Property said on Tuesday that one of its units has acquired a plot of land in China for 544 million yuan or about S$112 million.

It said its 95 per cent-owned subsidiary acquired the land in Guangdong’s Zhongshan City last week through a public land auction.

The plot of land has a permissible gross floor area of about 418,000 square metres and a site area of some 167,000 square metres.

Yuexiu said the land has been approved for residential and commercial use. The area for residential use accounts for 84 per cent and the space for commercial use accounts for 16 per cent of the permissible gross floor area.

The firm said the acquisition of the Zhongshan site represents an important step towards its strategy of enhancing its real estate business.

Source : Channel NewsAsia – 29 Dec 2009

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