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Poly Property buys China site in auction for 3.68B yuan

Poly Property Group Co. Ltd. bought a 69,331-square-meter mixed-use land parcel in Wenzhou, China, in an auction for 3.68 billion yuan, Guandian reported.

The sale price was 12.9% above the site's reserve price, the report added.

The site will be used primarily for residential purposes but will also have spaces allocated for commercial, business and restaurant uses.

As of Oct. 11, US$1 was equivalent to 7.09 Chinese yuan.