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Modern Land units to buy 2 land parcels in China

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Modern Land units to buy 2 land parcels in China

Two Modern Land (China) Co. Ltd. units plan to buy two land parcels in the province of Guangdong, China, for 433.2 million yuan.

Modern Green Development Group Hongye Benpao Technology (Beijing) Co. Ltd. will acquire the approximately 9,741-square-meter Hongchuang land parcel from Foshan Changxin Hongchuang Real Estate Co. Ltd. and Foshan Changxin Tianhao Investment Co. Ltd. The Xinlong land parcel, which measures about 16,424 square meters, will be purchased by Modern Land unit Zhihui Hongye Real Estate (Beijing) Co. Ltd. from Foshan Xinlong Real Estate Investment Co. Ltd., Foshan Changxin Yinhao Investment Co. Ltd. and Foshan Nanhai Yongxin Investment Co. Ltd.

The plots are intended to be developed into commercial and residential properties.

As of April 5, US$1 was equivalent to 6.90 Chinese yuan.