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Yuexiu Property buys land in Hangzhou for RMB 253 mln

Aug. 2, 2012 (China Knowledge) - Hong Kong-listed property developer Yuexiu Property Co Ltd<0123>, formerly known as Guangzhou Investment Co Ltd, announced that it has bought three pieces of land in Hangzhou of Zhejiang Province for RMB 253 million in total or RMB 1,180 per square meter of floor area.

The three plots, with a total land area of 120,700 sq m, will have gross floor area of 214,600 sq m.

As of to date, Yuexiu Property has land reserves of 11.52 million sq m.

In the first half of this year, Yuexiu Property's contractual sales soared 134% YoY to RMB 7.12 billion, accounting for 71% of its sales target of RMB 10 billion for 2012.

The company sold 570,600 square meters of properties in the first six months.

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