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Greenland Hong Kong bids 828M yuan to secure China mixed-use site

Greenland Hong Kong Holdings Ltd. won an auction for a mixed-use land parcel in Jiangyin, China, with a bid of nearly 828.0 million yuan.

The developer is buying the roughly 103,869-square-meter property via a subsidiary from the Bureau of Natural Resources and Planning of Jiangyin City, just days after it placed a winning 1.19 billion-yuan bid for another site in the same city.

Both sites have a land use right of 70 years for residential purposes, and 40 years each for commercial and service facility premises use, according to a Sept. 18 release.

The bid is expected to be fully paid up by Dec. 28.

As of Sept. 18, US$1 was equivalent to 7.09 yuan.