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Poly Developments acquires China site at 1.7B yuan

Poly Developments and Holdings Group Co. Ltd. won a mixed-use land parcel in Changsha, China, in an auction at the reserve price of 1.70 billion yuan, Tencent News reported Aug. 12.

The sales contract stipulated that at least 60% of the new residential units built on the site must be smaller than 144 square meters each and should be targeting first-time homebuyers, the report added. These flats must be sold at no more than 11,930 yuan per square meter, it added.

China has been setting maximum selling prices of flats in auctions in an attempt to contain rising home prices.

As of Aug. 12, US$1 was equivalent to 7.06 Chinese yuan.