Greenland Hong Kong Holdings Ltd.'s Guangxi Greenland Dixintie Real Property Ltd. subsidiary secured the rights to acquire two mixed-use land parcels in Nanning, China, for a combined consideration of nearly 1.14 billion yuan.
Guangxi Property (Group) Ltd., which is selling the properties through an auction administered by Beibu Gulf Equity Exchange Group, also owns a 40% stake in Guangxi Greenland. It purchased the land plots for approximately 879 million yuan, according to a filing.
The development sites at the center of the transaction have site areas of about 24,854.09 square meters and 29,653.71 square meters, respectively. They have a plot ratio of between 4 and 5 and can be used on a term of 50 years for business and financial purposes, 70 years for urban residential development, and 40 years for wholesale and retail projects.
Guangxi Greenland paid a guarantee deposit of 200 million yuan to participate in the auction. It is expected to sign a deal with Guangxi Property for the transaction on or about Dec. 18, the Hong Kong-listed property developer added.
As of Dec. 12, US$1 was equivalent to 6.88 yuan.