A unit of Yunnan Metropolitan Real Estate Development Co., Ltd won auctions for four land plots in the city of Dali in China's Yunnan province with bids totaling 1.37 billion yuan.
One of the plots, spanning 71.16 mu, or 47,440 square meters, has been zoned for residential development, and the Yunnan Metropolitan subsidiary will pay 451.9 million yuan for it. Up to 20% of the site can be utilized for commercial purposes, according to a release.
The other three sites, the largest of which offers 79.36 mu, or 52,907 square meters, of space, can also accommodate commercial elements, while 30% of the plots can be used for residential development.
As of Dec. 8, US$1 was equivalent to 6.62 yuan.
