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Zhongtian Urban Dev wins land bid in Guiyang

May. 30, 2012 (China Knowledge) - Zhongtian Urban Development Group Co Ltd<000540>, principally engaged in the real estate development business, yesterday announced that it had won a land bid in Guiyang, capital of Guizhou Province at a consideration of RMB 772 million.

In a statement filed with the Shenzhen Stock Exchange, the company said the target assets consist of four plots, which cover land area totaling 271,445 sq m, and 31,865 sq m of properties underground.

In March, the real estate developer acquired six pieces of land also in Guiyang for RMB 989 million in total. On these sites, totaling 513,000 sq m, a large-scale mixed-use property project will be constucted, including office spaces, hotels, stores and residential properties.

The company earned RMB 143.59 million in net profit attributable to shareholders in Q1 2012, reflecting a YoY increase of 40.6%, and its operating revenue for the period grew 7.17% from a year earlier to RMB 729.16 million, sources reported.

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