HBCT, China State Construction unit win site in Beijing for 1.47B yuan

HBCT Real Estate and a China State Construction Engineering Corp. Ltd. subsidiary placed the winning 1.47 billion yuan offer for a piece of collectively owned land in Beijing, China Internet Information Center reported Feb. 11.

About 41,001 square meters of the 47,830-square-meter property can be used for development.

According to the report, all residential units on the site will be co-owned by the two buyers and the government and will be sold at 29,000 yuan per square meter. The project will also include 6,829 square meters of greenery park land.

As of Feb. 10, US$1 was equivalent to 6.45 Chinese yuan.

Emily Lai contributed to this report.