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Yuexiu Property buys land in Yantai ETDZ for RMB 530 mln

Sep. 20, 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 a piece of land in Yantai Economic and Technological Development Zone or Yantai ETDZ for RMB 530 million.

Yantai ETDZ is a triple-A rated industrial park, the highest rating awarded to just 11 among 247 rated ones across China.

The average land cost Yuexiu Property is paying works up to RMB 1,100 per square meter.

The acquired land is located to the west of Yantai ETDZ with a total land area of about 200,000 sq m, and it will have a gross floor area of approximately 480,000 sq m.

According to a statement filed with Hong Kong Stock Exchange, the land can be developed as residential and commercial property.

The property developer said the purchase of the land will further enhance the company's land reserve in the Bohai region and consolidate its land bank.

As of today, Yuexiu Property has land reserve of 12.01 million sq m.

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