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Guangzhou R&F Property wins land bid in Beijing

Jan. 17, 2012 (China Knowledge) - Guangzhou R&F Property Co Ltd<2777>, a real estate developer headquartered in Guangzhou, Guangdong Province, has acquired a piece of land in Daxing District, Beijing during a land auction at a consideration of RMB 698 million, more than RMB 570 million of starting price.

The plot, which cost RMB 3,035 per square meter of potential floor area, covers an area of 138,869 sq m and will have a floor area of not more than 230,747 sq m.

Analysts said several well-known property developers have begun acquiring plots in Beijing despite of the central government's tight monetary policy to ease the country's real estate market.

Sunac China Holdings Ltd<1918> and Franshion Properties (China) Ltd<0817> has jointly spent RMB 3.07 billion to get a plot in Beijing's Chaoyang District.

Guangzhou R&F Property realized RMB 30.04 billion in contracted sales last year, lower than the firm's reduced sales target of RMB 32 billion from RMB 40 billion. Of the total sales in 2011, the city of Guangzhou contributed the most with RMB 930 million in contracted sales.






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