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Beijing Capital Grand unit to acquire Nanning, China, land parcel for 363M yuan

A unit of Chinese commercial property developer Beijing Capital Grand Ltd. is poised to acquire an approximately 101,974-square-meter land parcel in Nanning, China, for about 362.5 million yuan.

Shanghai Juque Investment Management Ltd. expects to enter into the land-use rights grant contract with the Nanning Municipal Bureau of Land and Resources on or around July 31. The unit will form a project company to develop the land into an outlets-backed commercial integrated project.

The company will fund the acquisition using its internal resources, according to a filing.

As of July 6, US$1 was equivalent to 6.64 yuan.