Kerry Properties Ltd. won the auction for a mixed-use development site in Hangzhou, China, after it offered to pay about 6.81 billion yuan.
The Hong Kong-listed developer secured the property through its Bright Beyond Ltd. subsidiary, which is expected to sign a contract with the Hangzhou Bureau of Planning and Natural Resources before May 31 to formalize the transaction.
The site, for which Bright Beyond paid a deposit of roughly HK$1.26 billion, has a total area of approximately 98,053 square meters and can yield a gross floor area of 230,000 square meters. It comprises five land plots that can be utilized for residential purposes on a 70-year term and for commercial uses for a 40-year term, according to a filing.
As of May 17, US$1 was equivalent to 6.92 yuan.