Country Garden Holdings Co. Ltd. acquired an 85,100-square-meter site in Kunshan city, China, for 1.42 billion yuan in an auction, China Internet Information Center reported.

The winning bid was higher than the site's reserve price of 1.37 billion yuan, according to the report.

The plot is for residential purposes and has a gross floor area of 195,800 square meters.

As of Jan. 1, US$1 was equivalent to 6.96 Chinese yuan.