ZH International Holdings Ltd.'s Henan Zensun Huafu Real Estate Co. Ltd. and Henan Xianghu Real Estate Co. Ltd. subsidiaries secured the public tender for two residential sites in China after respectively placing the winning estimated bids of 746.3 million yuan and 656.4 million yuan.
Henan Zensun secured a 54,297.57-square-meter land parcel in Zhengzhou in the country's Henan province after winning the auction administered by the Land and Resources Bureau of the Zhengzhou Airport Economy Zone. The property has a permissible plot ratio of between 1.0 and 2.7 and can be used for residential purposes on a term of 70 years.
Zensun Real Estate Co. Ltd., the controlling shareholder of ZH International, agreed to provide a roughly 746.3 million-yuan loan to Henan Zensun to aide with the land purchase. The debt, according to a filing, will be subject to an annual interest rate of up to 4%, beginning on the draw-down date.
Separately, Henan Xianghu placed a successful bid at a Wuhan Land Resources and Planning Bureau-administered public auction to lock in the rights over a 46,888-square-meter site in Wuhan. The site has an up to 3.5 permissible plot ratio and intended for residential use on a 70-year term.
As of Aug. 31, US$1 was equivalent to 6.83 yuan.