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C&D International unit gains another Chinese plot via auction for 1.25B yuan

C&D International Investment Group Ltd.'s Xiamen Yi Yue Property Co. Ltd. was confirmed by the Zhuhai Municipal Bureau of Land Resources as the winner of the auction for a mixed-use development site in Zhuhai, China.

The subsidiary secured the rights over the land parcel in Guangdong Province after it offered to pay nearly 1.25 billion yuan for the property, with a deal for the purchase expected to be signed March 13.

Land Plot No. Zhu Guo Tu Chu 2017-73 has an area of roughly 47,364.13 square meters and an estimated total plot ratio floor area of up to 95,536 square meters. It is divided into four sectors, with two portions earmarked for mixed commercial and residential use, one zoned for community center use, and another for a kindergarten facility development.

The residential component of the land can be used for up to 70 years, while the community center and commercial-zoned portions can be utilized for up to 40 years. The land that will be used for the kindergarten facility and roads, meanwhile, can be used for a term of 50 years.

C&D International said it will use shareholder's loan to finance the site acquisition.

Including the impending purchase of the Zhuhai land, Xiamen Yi Yue Property has added at least five Chinese plots to its portfolio so far in 2018, after also winning three parcels in Lianjiang and another one in Suzhou.

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