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Sunshine 100 unit to pay 819M yuan for land use rights in Wuhan, China

A unit of developer Sunshine 100 China Holdings Ltd. secured rights over a 125,028.90-square-meter commercial-residential land parcel in Wuhan, China, after placing an 818.8 million-yuan bid.

The Wuhan Jiangxia District Land Resources and Planning Bureau will sign an agreement for the land use rights of state-owned sites with the Wuhan Yihai Jiaye Real Estate Development Co. Ltd. unit within 10 business days following the acceptance of the bid.

The subsidiary has paid an initial consideration of 489.6 million yuan for the plot and will pay the remaining 329.2 million-yuan amount within 30 days after the deal signing.

As of Sept. 5, US$1 was equivalent to 6.83 yuan.