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Beijing Capital Grand wins bid to acquire land in China for 281M yuan

Real estate developer Beijing Capital Grand Ltd. made a winning bid to buy the land use rights of a site in Qingdao, China, for roughly 281.1 million yuan through a public auction held by the Land Resources Bureau and Housing Authority of Qingdao.

The company has entered a deal to acquire the land located in the north of the city through two of its wholly owned units Shanghai Juque Investment Management Ltd. and Capital Juda Operation Ltd. The company has made a US$10 million security deposit for the asset via the latter subsidiary.

Beijing Capital Grand plans to develop the 141-mu, or approximately 94,000-square-meter, site into a retail commercial development, according to a release.

As of May 9, US$1 was equivalent to 6.36 yuan.