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C&D International unit secures residential plot in China with 1.07B-yuan bid

C&D International Investment Group Ltd.'s Xiamen Yi Yue Property Co. Ltd. subsidiary was granted by a municipal government in Wuhan, China, the land-use right on a roughly 71,606.09-square-meter residential site in the city after submitting the winning bid of about 1.07 billion yuan.

The Wuhan Municipal Jiangxia District Bureau of Land Resources and Xiamen Yi Yue signed a confirmation letter for the transfer of the state-owned rights over the land parcel for the agreed consideration Sept. 5.

The property at the center of the deal has an estimated plot ratio floor area of up to 179,015 square meters. It can be used for residential purposes on a term of 70 years, according to a filing.

As of Sept. 5, US$1 was equivalent to 6.83 yuan.