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Yuexiu Property adds new site to land bank for 830M yuan

Yuexiu Property Co. Ltd. forked out 830.3 million yuan to acquire a Guangzhou City land parcel in Guangdong Province, China, by way of open tender July 28.

The lot sits on approximately 175,795 square meters of total gross floor area, with the site mapped over nearly 49,494 square meters. This translates into roughly 123,735 square meters of permissible gross floor area. The site is zoned for commercial purposes.

Price per square meter, accounting for the total gross floor area, came in at 4,700 yuan, paid through Yuexiu's indirect wholly owned subsidiary.

The transaction is part of the company's wider strategy to establish quality land bank in the Pearl River Delta, central China and Yangtze River Delta regions, along with Greater Guangzhou, Wuhan and Hangzhou.

As of July 31, US$1 was equivalent to 6.73 Chinese yuan.