Poly Real Estate wins mixed-use site in China for 2.23B yuan

Poly Real Estate Co. Ltd. placed the winning bid for a mixed-use land plot in Foshan, China, at the reserve price of 2.23 billion yuan, Guandian reported Jan. 29.

The property, which is reserved for commercial and residential uses, measures 35,000 square meters. It can be developed into a 348,796-square-meter project, with a plot ratio of 7.14x.

According to the report, 138,046 square meters of the project is reserved for residential use to provide at least 650 units, with a maximum of 83,480 square meters of serviced apartments and 9,191.7 square meters of talent housing.

The development is also required to include a 45,000-square-meter luxury hotel.

As of Jan. 29, US$1 was equivalent to 6.43 Chinese yuan.

Emily Lai contributed to this report.