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Risesun Real Estate acquires commercial plot in Tangshan

May. 22, 2012 (China Knowledge) - Risesun Real Estate Development Co Ltd<002146 >, which mainly deals with businesses in Hebei Province, yesterday said it has won a piece of land in Tangshan of the province for RMB 99.6 million.

The plot, located in the city's Fengnan District, covers an area of 44,200 square meters. On the site, commercial properties are required to be built with a floor area ratio of not more than 1.5. The building coverage rate will not exceed 30%.

In Jan. 10, the Shenzhen-listed real estate developer spent RMB 287 million to acquire a plot in Langfang, also in Hebei Province. The mixed-use plot will have a floor area ratio not exceeding 2.0.

Board Chairman Geng Jianming has said the company expects to add land reserves of 3.5 million sq m of potential floor area this year.

In the first quarter of this year, Risesun Real Estate Development's net profit attributable to shareholders was RMB 223 million, up 32.2% from a year earlier, and its operating revenue increased by 17.62% YoY to RMB 1.81 billion.

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