Beijing Capital Land Ltd. and several subsidiaries on Dec. 22 agreed to acquire a commercial property in the Feng Tai District in Beijing for 1.32 billion yuan in cash.

A building with 46,332 square feet of leasable space is being developed on the property, which is part of the Beijing Capital Centre mixed-use development, and is expected to begin operations in the third quarter of 2019.

The company will use internal resources to finance the acquisition.

As of Dec. 22, US$1 was equivalent to 6.5754 yuan.