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Poly Property Group pays 5.20B yuan for residential/commercial site in China

Poly Property Group Co. Ltd. acquired a 498,700-square-meter residential and commercial site in Guangzhou, China, for 5.20 billion yuan, Chinese newswire Guandian reported Dec. 10.

The aggregate amount equals 10,431 yuan per square meter for the site where the company plans to build a 150-meter apartment building and two 150-meter office towers.

As of Dec. 10, US$1 was equivalent to 7.03 yuan.