Jul. 27, 2010 (China Knowledge) - Beijing Capital Development Co Ltd<600376> yesterday announced that it has won the bid for a piece of land in Tongzhou, Beijing for RMB 920 million.

On the 147,300-square meter parcel, the Shanghai-listed firm will build 80,800 sq m of apartments for residential purposes, and the local government will purchase these units for RMB 3,500 per sq m.

Reportedly, the real estate developer intends to set up a local subsidiary with a registered capital of RMB 200 million.

Beijing Capital Development will also apply for RMB 600 million worth of two 36-month loans from Bank of Nanjing Co Ltd<601009> and Bank of Beijing Co Ltd<601169>.