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Overseas Chinese Town pays 4.2B yuan for 2 mixed-use plots in Shenzhen, China

Overseas Chinese Town Holdings Co. Ltd. paid 4.2 billion yuan for two mixed-use sites in the Bao'an district of Shenzhen, China, at a government land auction, Mintiandi reported, citing official announcements.

The land parcels span 19,465 square meters and have approval for hotels, serviced apartments, retail spaces and offices, with a total allowed construction area of 178,197 square meters.

Overseas Chinese Town, which is backed by the local Shenzhen government, was the only bidder for both sites, according to the Oct. 14 report.

As of Oct. 12, US$1 was equivalent to 6.92 yuan.