A unit of Tahoe Group Co. Ltd. signed a deal to purchase a 49% interest in a property company based in Hangzhou, China, for 792.8 million yuan.

According to a release, the target company holds a 902.4-mu land plot in Hangzhou, with 314,493.2 square meters of land that has yet to be developed within the site, which has been zoned for commercial and residential purposes.

The target company has registered capital amounting to 30 million yuan, and deals in property management and sales, as well as the sale of construction material, among other sectors.

As of Oct. 17, US$1 was equivalent to 6.62 yuan.