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Joy City subsidiary wins China land plot with 1.64B-yuan bid

Joy City Property Ltd.'s Sanya Jiayue Development and Construction Ltd. subsidiary placed the winning 1.64 billion-yuan bid for a mixed-use site in Sanya, China.

The property with a total planned gross floor area of about 301,400 square meters can be used for commercial-and-serviced-apartment development for a 40-year term, according to a filing.

Resources and Planning Bureau of Sanya City, which marketed the site, is expected to sign a rights grant contract with Sanya Jiayue to formalize the transfer of the property on or before Dec. 24.

Joy City noted that Sanya Jiayue paid 983.1 million yuan as a security deposit for the auction. It added that it will finance the acquisition using shareholders' loan or capital contribution.

As of Dec. 10, US$1 was equivalent to 7.03 yuan.