Shimao Property Holdings Ltd. placed the winning 1.55 billion yuan bid to buy a mixed-use development site in Foshan, China, Guandian reported.
The diversified developer outbid companies including China Evergrande Group, China Aoyuan Group Ltd., Jinke Property Group Co. Ltd. and Beijing Beichen Real Estate Group Co. Ltd. to secure the property, according to the report.
The 51,200-square-meter commercial and residential plot can yield 153,700 square meters of development with its 3x plot ratio, the news platform added.
As of March 31, US$1 was equivalent to 7.08 Chinese yuan.
Emily Lai, Mc Dowell Ramintas contributed to this article.