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China Merchants Land subsidiary buys residential plot for 3.14B yuan

Merchants Nanjing Real Estate Co. Ltd., which is 51%-owned by China Merchants Land Ltd., acquired a residential land parcel in Nanjing, China, for 3.14 billion yuan, Guandian reported Oct. 10.

The plot has a site area of 79,800 square meters and a gross floor area of 175,700 square meters.

China Merchants Land is 74.35%-owned by China Merchants Property Development Co. Ltd.

As of Oct. 10, US$1 was equivalent to 7.12 Chinese yuan.