A 70/30 joint venture between an indirect subsidiary of China Energy Engineering Corp. Ltd. and Changzhou Sanhe Properties Ltd. won the online auction for a state-owned residential land plot in the Gulou district of Nanjing, China, with a bid of 1.51 billion yuan.
For the transaction, China Gezhouba Group Co. Ltd.'s China Gezhouba Group Real Estate Co. Ltd. unit submitted a 360 million yuan bid bond, according to a filing.
The secured property has a gross floor area of 24,498.87 square meters and a floor area of 67,371.89 square meters, based on a plot ratio of 2.75. The site is zoned for residential use on a term of 70 years, China Energy added.
As of Dec. 20, US$1 was equivalent to 6.89 Chinese yuan.