Real-estate developer Yuexiu Property Co. Ltd. (0123.HK) said on Thursday that it acquired a land parcel in the Pazhou Middle and East Zone of the Haizhu district in Guangzhou via an open tender for 1.38 billion yuan ($203 million).
The site covers an area of approximately 20,415 square meters, offering a total buildable gross floor area of roughly 36,000 square meters zoned for residential use. Completed properties will be slated for sale.
The company said it is obligated to construct public infrastructure including roads, green spaces, and a river channel, which collectively encompass a construction area of about 11,355 square meters. Upon completion, that infrastructure must be handed over to the Guangzhou municipal government at no cost.
Shares of Yuexiu Property opened flat at HK$3.47 on Friday. The stock is down over 30% from its 52-week high.
By Lau Chi Hang
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