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Beijing North Star unit comes out tops in auction for Wuhan, China, land plot

A unit of Beijing North Star Company Ltd. emerged as the top bidder in an auction for a land plot in Wuhan, China, and will purchase the site for a total consideration of roughly 1.34 billion yuan.

The Wuhan-based unit clinched the plot through an auction carried out by the Wuhan Land Resource and Planning Bureau on Dec. 13.

The 41,761.98-square-meter plot has been designated for residential development and has the capacity to accommodate up to 127,374 square meters of construction area.

As of Dec. 13, US$1 was equivalent to 6.62 yuan.