A unit of Yanlord Land Group Ltd. purchased a land parcel in Nanjing, China, for about 7.84 billion Chinese yuan through a public land auction.
Wholly owned subsidiary Yanlord Land Pte. Ltd. bought the 541,000-square-meter property in the Sino-Singapore Nanjing Eco Hi-Tech Island, with the purchase price equivalent to roughly 14,486 yuan per square meter.
The site will see the development of roughly 268,000 square meters of gross floor area for residential space, and approximately 273,000 square meters of gross floor area for commercial, hotel, office and tourism purposes.
Yanlord Land Group's Chairman and CEO Zhong Sheng Jian said this latest purchase was in line with the company's plans to expand their existing projects in the Nanjing property market and broaden their prime development land bank within the main parts of the city.
As of Dec. 27, US$1 was equivalent to 6.95 Chinese yuan.