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Poly wins land bid in Chengdu with 15.6% premium

May. 18, 2012 (China Knowledge) - Poly Real Estate Group Co Ltd<600048>, a major property developer in China, yesterday acquired a plot in Chengdu, Sichuan Province for RMB 2,890 per square meter of potential floor area, a 15.6% premium to the starting price of RMB 2,500 per sq m in the land auction.  

The plot, located in the city's Qingyang District, cost around RMB 156 million in the land transaction. On the 54,000-sq m site, mixed-use properties are required to be built with floor area ratio of not more than 3.

Last June, the same plot was auctioned, with a starting price of RMB 2,900 per sq m, but the land auction aborted eventually.

Shanghai-listed Poly's contractual sales for January reached RMB 1.51 billion, of which one third was derived from property sales in Chengdu. In the city, the company had secured RMB 1.08 billion in contractual sales as of Feb. 22.

In addition, Poly Chengdu aims to reap about RMB 10 billion in contractual sales this year, with approximately 2 million sq m of properties being sold.

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