C&D International Investment Group Ltd.'s Xiamen Yi Yue Property Co. Ltd. subsidiary secured the rights over a mixed-use site in Suzhou, China, after it placed the winning bid of nearly 458.4 million yuan during an auction.
Xiamen Yi Yue's impending acquisition of the property was confirmed by the Suzhou Municipal Bureau of Land Resources. The contract to formalize the rights transfer will be signed on or before April 8, according to a filing.
The roughly 22,256-square-meter site has an estimated gross floor area of up to 44,512 square meters and is zoned for commercial service and urban residential purposes, with terms of 40 years and 70 years, respectively.
C&D International noted that internal resources of the group will be utilized for the plot purchase.
As of Feb. 27, US$1 was equivalent to 6.32 yuan.
