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C&D International unit to sign 720M yuan deal for Chinese land purchase

C&D International Investment Group Ltd.'s Xiamen Yi Yue Property Co. Ltd. subsidiary is expected to sign an approximately 719.5 million-yuan deal to buy a roughly 70,000-square-meter mixed-use site in China's Fujian province before April 11.

The signing of the agreement will follow Xiamen Yi Yue's receipt of confirmation from the Nanping Municipal Jianyang District Bureau that it placed the winning bid for the residential-commercial site in Nanping city, which has a total plot ratio of up to 126,000 square meters. Its residential use term is up to 70 years, while for commercial, the site can be utilized for up to 40 years.

In a filing, C&D International said it will finance the planned purchase using shareholders' borrowing that is available to the group.

As of March 28, US$1 was equivalent to 6.30 yuan.