Chinese conglomerate Dalian Wanda Group Co Ltd. acquired four land plots in China's Heyuan city for 1.06 billion yuan, Guandian reported April 2.
The 210,000-square-meter property comprises three residential land plots and one commercial land plot.
As part of the deal, Dalian Wanda is required to build a shopping mall with at least 90,000 square meters and to commence operation in 24 months, the news outlet reported.
As of April 2, US$1 was equivalent to 7.09 Chinese yuan.
Emily Lai contributed to this article.