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ZH International unit buys 2 sites in China's Zhengzhou city for 747.3M yuan

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ZH International unit buys 2 sites in China's Zhengzhou city for 747.3M yuan

ZH International Holdings Ltd.'s Henan Zensun Longshui Real Estate Co. Ltd. subsidiary won the auctions for two land parcels in Zhengzhou city in central China, after submitting bids of nearly 747.3 million yuan.

Henan Zensun will pay about 288.2 million yuan for the 28,608.73-square-meter plot and approximately 459.1 million yuan for the second site with a total site area of 45,604.51 square meters.

Zhengzhou City Natural Resources and Planning Bureau administered the auctions for the properties, which can both be used on a 70-year term for residential purposes and on a 50-year term for underground transportation services. Both land parcels also have plot ratios between 1.1 and 2.5, according to a filing to the Hong Kong stock exchange.

Henan Zensun will use loans secured from its parent's controlling shareholder to finance the acquisitions and subsequent developments of the properties, ZH International added.

As of May 29, US$1 was equivalent to 6.91 yuan.