Hangzhou Binjiang Real Estate Group Co. Ltd. signed a deal to pick up a half-stake in a land plot from a real estate company based in Wenzhou, China, which originally purchased the site for 1.50 billion yuan.

The seller purchased the plot Sept. 11, with the site able to provide usable space amounting to 22,186 square meters and Hangzhou Binjiang's share weighing in at 11,093 square meters, according to a release.

The site, in Zhejiang, has been zoned for residential purposes.

As of Oct. 17, US$1 was equivalent to 6.62 yuan.