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Powerlong wins tender for Ningbo, China, land plot for 2.35B yuan

Powerlong Real Estate Holdings Ltd. won the tender for a 121,124-square-meter mixed-use site in Ningbo, China, by submitting the highest bid of about 2.35 billion yuan.

The tender, which had a minimum bid price of roughly 2.17 billion yuan, was granted June 4 to Powerlong's Shanghai Zhanmei Industrial Development Co. Ltd. subsidiary by the Ningbo Municipal Bureau of Land Resources. The Hong Kong-listed diversified property developer will use internal resources to fund the acquisition.

Shanghai Zhanmei plans to build a scheme with residential, commercial and office components at the site. The land plot can yield about 360,949.5 square meters of gross floor area and has a 70-year permission for residential use and 40 years for commercial purposes.

As of June 4, US$1 was equivalent to 6.41 yuan.