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Poly Developments wins Shanghai mixed-use site with 2.5B-yuan bid

Poly Developments and Holdings Group Co. Ltd. placed the winning 2.5 billion-yuan bid for a mixed-use development site in Shanghai, Mingtiandi reported, citing an announcement from the Shanghai Land Exchange.

The consideration for the acquisition is 6.01% above the land parcel's 2.36 billion-yuan reserve price, according to the news platform.

The 65,033-square-meter property that is intended for residential and commercial use, can yield a combined gross floor area of 100,734 square meters. As part of the tender conditions for the site, the Chinese real estate company must reserve at least 80% of the property's residential development area for the construction of small- and medium-sized units in a bid to boost the city's affordable housing supply, the Aug. 20 report added.

As of Aug. 19, US$1 was equivalent to 7.05 yuan.