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ZH International places 2.48B-yuan bid to secure residential plot in China

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ZH International places 2.48B-yuan bid to secure residential plot in China

ZH International Holdings Ltd.'s Henan Jiaruichang Real Estate Co. Ltd. subsidiary secured the rights to a residential land plot in Zhengzhou, China, after it placed the winning 2.48 billion-yuan bid during an auction.

The site, which can be used for residential purposes on a term of 70 years, has a total site area of 68,818.90 square meters and permitted plot ratio of between 1.0 and 1.5. According to a filing, a 1.92 billion-yuan security deposit was paid for the property.

To help with the acquisition, Henan Jiaruichang signed a deal with Zensun Real Estate Co. Ltd., ZH International's controlling shareholder, to borrow an amount equal to the bid consideration at an annual interest rate of up to 4%.

As of Aug. 14, US$1 was equivalent to 6.88 yuan.