May. 25, 2012 (China Knowledge) - Dalian Wanda Group Co Ltd, one of the few non-listed property giants in China, yesterday acquired a piece of land in an auction at Foshan
Province at a consideration of RMB 2.04 billion.
This is the first plot the Chinese real estate giant obtains in the city, said a person familiar with the matter, adding that a large-scale mixed-use property complex will be built.
The plot, located in the city's Nanhai District, covers an area of 96,960 square meters and will have a floor area ratio between 4.5 and 5.5. Building density is required not to exceed 58% and landscaped area must be more than 15% for the development.
Over 70% of the total development is required to be built as apartments, each with a floor area not more than 90 sq m.
On the opposite side of the new plot, China Overseas Land & Investment Ltd<0688
> acquired a piece of land, with an area of 199,500 sq m, for RMB 1.46 billion on Feb. 20, sources reported.