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Chinese cement maker BBMG acquires Beijing office building for 5.19B yuan

State-controlled cement producer BBMG Group Co. Ltd. has acquired a 44-story office building in Beijing, China, for 5.19 billion yuan, Guandian reported Aug. 20.

The building, called Pangu Plaza, has 139,300 square meters of office space and is next to the Bird's Nest Olympic Stadium, according to the report.

The South China Morning Post added that the office tower was sold for a discount in an online auction, as bankers and creditors disposed of the asset in their third attempt to recover some of the 3 billion yuan owed by Guo Wengui, a fugitive from Chinese authorities who currently lives in New York.

As of Aug. 20, US$1 was equivalent to 7.06 Chinese yuan.