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Greenland Hong Kong unit wins bid for China mixed-use site

Greenland Hong Kong Holdings Ltd.'s Wuxi Guosheng Property Development Co. Ltd. subsidiary placed the winning 1.19 billion-yuan bid for a mixed-use development site in Jiangyin, China.

The company is buying the roughly 76,356-square-meter property from the Bureau of Natural Resources and Planning of Jiangyin City. The property has a land use right of 70 years for residential use and 40 years each for commercial and service facility premises use, according to a filing.

The company expects to settle the consideration on or before Dec. 28.

As of Sept. 13, US$1 was equivalent to 7.08 yuan.