A unit of Hong Kong-based real estate developer Far East Consortium International Ltd. acquired the land-use rights of a 29,611.7-square-meter site in Shanghai's Baoshan District for approximately 402.4 million yuan.
Shanghai Chingchu Property Development Co. Ltd. plans to develop residential properties on the site, which is part of the company's California Garden township project. The properties will be leased to tenants.
The company will finance the consideration through its internal resources.
As of Dec. 17, US$1 was equivalent to about 6.90 yuan.