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Hangzhou Binjiang unit emerges tops in site auction with 716M-yuan bid

A subsidiary of Hangzhou Binjiang Real Estate Group Co. Ltd. clinched a land plot through an auction, which saw it bid approximately 716.0 million yuan for the site.

The plot accounts for 10% of reserved land in Ding Hai village in the city of Hangzhou, China, according to a filing. The 14,418-square-meter site has a total construction area of 50,463 square meters and has been zoned for commercial utilization.

The property developer's unit will form a project company with Ding Hai village to develop the plot, with the subsidiary to own a 49% stake in the joint venture and the village to hold the remaining 51%.

Hangzhou Binjiang units have been purchasing quite a few land plots in Hangzhou recently, picking up for 4.01 billion yuan a 133,203-square-meter plot in the city's Xiaoshan district in February and another two sites in January for a combined 457.4 million yuan.

As of March 9, US$1 was equivalent to 6.33 yuan.