Guangdong Poly Real Estate Development Co. Ltd. placed the winning bid of 8.16 billion yuan for two residential development sites in the Chinese city of Guangzhou, China Internet Information Center reported Dec. 5.

The company paid about 5.55 billion yuan for a 131,900-square-meter residential plot. As part of the conditions for the successful tender, the project must include 16,000 square meters of housing space that the government will repurchase for 3,500 yuan per square meter.

The company also secured a 16,400-square-meter residential site at a price of 2.62 billion yuan.

As of Dec. 5, US$1 was equivalent to 7.04 yuan.