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Hangzhou Binjiang unit pays 4B yuan for Hangzhou, China, site

A subsidiary of Hangzhou Binjiang Real Estate Group Co. Ltd. purchased a land plot in Hangzhou, China, for 4.01 billion yuan.

The unit clinched the site through an auction, according to a company release.

The plot, in the city's Xiaoshan district, carries a total land area of 133,203 square meters, and has been zoned for residential development.

As of Feb. 5, US$1 was equivalent to 6.29 yuan.