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Hang Lung Properties unit submits winning bid of 10.73B yuan for Chinese site

Hang Lung Properties Ltd. subsidiary Passion Success Ltd. submitted the winning bid of 10.73 billion yuan for the land use right of a state-owned site in Hangzhou, China.

The site was listed for sale by Hangzhou Land Resources Bureau and spans about 44,827 square meters in the Xiacheng district, with a maximum gross floor area of nearly 194,100.91 square meters.

The Hong Kong-based developer will use borrowings and internal resources of the company and its subsidiaries to fund the transaction. It plans to use the site for commercial business development.

As of May 25, US$1 was equivalent to 6.39 Chinese yuan.