Greenland Hong Kong Holdings Ltd. placed the winning 1.23 billion yuan bid for an approximately 164,406-square-meter mixed-use land parcel in Nantong, China.

The property comprises two parts: A 48,234-square-meter site that can be used over 40 years for commercial purposes; and a 116,172-square-meter plot that can be used within 70 years for residential purposes and 40 years for commercial developments.

The Chinese developer is buying the property from the Bureau of Natural Resources and Planning of Nantong City, which marketed the development site through a Jiangsu Province Lands Market Tongzhou District Exchange Center-administered auction.

Greenland Hong Kong is expected to enter into a land grant contract with the seller on or before Dec. 26 to formalize the transfer of the property, according to a Dec. 6 filing.

As of Dec. 6, US$1 was equivalent to 7.04 Chinese yuan.