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China Resources subsidiary wins online auction for 6 plots with 9.65B yuan bid

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China Resources subsidiary wins online auction for 6 plots with 9.65B yuan bid

A wholly owned subsidiary of China Resources Land Ltd. secured the rights over six land parcels in Jinan, China, after it offered to pay The Bureau of Land and Resources of Jinan nearly 9.65 billion yuan for the properties.

China Resources Land (Shandong) Development Co. Ltd. placed the winning bid in an online auction administered by the Jinan Public Resources Exchange Centre. To finalize the transaction, China Resources Land (Shandong) and the land resources bureau will sign transfer contracts for each of the land plots at 2nd Ring Rd. in Jinan's Xinglong District.

Five of the six land parcels in consideration are zoned for residential use, while the remaining plot is intended for commercial and business purposes. The commercial plot measuring 172,569 square meters has a 40-year transfer term and the other five with a combined site area of 377,507 square meters have transfer terms lasting 70 years.

China Resources said the planned land buy will be financed using the internal resources of the group.

As of Feb. 26, US$1 was equivalent to 6.31 yuan.