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C&D International unit secures Chinese residential plot with 756M-yuan bid

Xiamen Yi Yue Property Co. Ltd., a unit of property developer C&D International Investment Group Ltd., secured the land-use rights for a 54,976.60-square-meter residential site in Putian, China, after submitting the winning bid of about 756.0 million yuan.

The company is expected to sign a land-use rights grant contract with the Putian Municipal Bureau of Land Resources before Oct. 23.

The land parcel spans a total estimated gross floor area of up to roughly 142,939.16 square meters and is approved for residential-use purposes on a term of 70 years.

As of Oct. 8, US$1 was equivalent to 6.93 yuan.