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HKR International unit clinches Chinese site with 200M-yuan bid

With a bid of 200 million yuan, a subsidiary of HKR International Ltd. won an auction for a land plot situated in the Yaojiadang district in the city of Jiaxing, Zhejiang province in China.

Jiaxing Xingyu Co. Ltd. came out on top during the auction, beating four other developers who had also participated, according to a release. The unit's winning bid for what would be HKR International's fourth development in Jiaxing reflected a per-square-meter price of 10,038 yuan.

The plot comprises a site area of 12,431 square meters and a gross floor area of 19,890 square meters, with a plot ratio range of 1.3 to 1.6.

HKR International also developed the City One and Riviera One projects in Jiaxing.

As of Feb. 2, US$1 was equivalent to 6.30 Chinese yuan.