A unit of Hong Kong-based real estate developer Talent Property Group Ltd. purchased the land use rights for an approximately 247,000-square-meter site in Yangzhou city, China, for roughly 326.4 million yuan.

Under the bidding process rules, Yangzhou Shiyou City Development Co. Ltd. will have to construct a logistics information exchange center, an e-commerce online shopping center and third-party logistics headquarters, among other facilities, on the land parcel located in China's Jiangsu province.

As of Dec. 28, US$1 was equivalent to about 6.88 Chinese yuan.