A subsidiary of Hangzhou Binjiang Real Estate Group Co. Ltd. purchased a land plot in Hangzhou, China, for 4.01 billion yuan.
The unit clinched the site through an auction, according to a company release.
The plot, in the city's Xiaoshan district, carries a total land area of 133,203 square meters, and has been zoned for residential development.
As of Feb. 5, US$1 was equivalent to 6.29 yuan.
