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Shanghai-listed Xinhu Zhongbao wins land bid in Tianjin

May. 22, 2012 (China Knowledge) - Xinhu Zhongbao Co Ltd<600208>, principally engaged in residential property development in China, yesterday announced that it has acquired a piece of land in Tianjin at a consideration of RMB 140.9 million.

The plot, located in the city's Jinghai County, covers an area of 69,500 square meters. On the site, residential properties are required to build with a floor area ratio between 1.0 and 1.35. The building coverage rate will not exceed 30% and landscaped areas will be equal or more than 14% of the total development.

The land purchase is expected to further enhance its presence in the Bohai Economic Rim, said the Shanghai-listed property developer.

In the first quarter of this year, the company earned RMB 202 million in net profit attributable to shareholders, down 25.67% from a year earlier, and its earnings per share in the period were 3.3 RMB cents, sources reported.

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