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Greenland Hong Kong unit wins 2 mixed-use China plots with 1.14B-yuan bid

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Greenland Hong Kong unit wins 2 mixed-use China plots with 1.14B-yuan bid

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.