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Zhong An subsidiary signs 360M yuan deal to acquire land parcel in China

Zhong An Real Estate Ltd. unit Hangzhou Zhongjia Investment Management Co. Ltd. is buying the entire equity interest in Zhejiang Shangtuo Investment Co. Ltd. from Hangzhou Pengbo Daxiang Enterprise Co. Ltd. for 360 million yuan.

The subsidiary is carrying out the transaction to acquire the land-use right to a plot in Hangzhou, located in China's Zhejiang province. The 121,894-square-meter site is zoned for commercial and residential purposes, and carries a 2.18 plot ratio.

The real estate developer, also headquartered in Hangzhou, plans to use internal resources or bank borrowings to fund the purchase, according to a filing.

Earlier in January, Zhong An acquired land use rights to two under-development projects in Hangzhou for approximately 850 million yuan.

As of March 16, US$1 was equivalent to 6.33 yuan.