China Resources Land wins residential site with 1.13B yuan bid

China Resources Land Ltd. placed the winning 1.13 billion yuan bid for a residential development site in China's Jiangsu province, China Internet Information Center reported Jan. 8.

The 41,816-square-meter land parcel changed hands at a 121.9% premium after 176 rounds of bidding. The property can be developed at a maximum density of 20% and a minimum green ratio of 35%, with construction works to be completed within three years, according to the news platform.

As part of the conditions for the transaction, the rights to the properties built on the site will be transferred to the community upon completion for free, the report added.

As of Jan. 8, US$1 was equivalent to 6.47 Chinese yuan.

Emily Lai contributed to this report.