ZH International Holdings Ltd. secured the land use rights for a 40,941.43-square-meter site in the city of Zhengzhou in China's Henan province for nearly 326.5 million yuan.

The Hong Kong-headquartered property operator and manager clinched the site through an auction administered by the city's Land and Resources Bureau.

The plot in the city's Huiji District has a permitted plot ratio of between 1.0 and 2.5, and holds a term of 70 years for residential use.

ZH International will fund the acquisition and development of the land parcel using its internal resources, according to a release.

As of Oct. 15, US$1 was equivalent to 6.92 yuan.