|
Agile Purchases RMB 4.34b Guangzhou Plot
Guangdong-based Agile Property Holdings (3383.HK) purchased a 306,812-square-meter land parcel in Guangzhou, Guangdong province for RMB 4.34 billion on October 29, reports Guandian.cn.
Country Garden (2007.HK) and Poly Real Estate (600048.SH) also joined the bidding, which started at RMB 1.72 billion or RMB 5,606 per square meter, said the report.
Guangzhou Zhonglai Investment originally purchased the Guangzhou parcel, then 471,939 square meters, for RMB 4.48 billion in September 2007, said the report. The Guangzhou government repossessed when the company failed to make payments and fined Zhonglai Investment RMB 80 million, the report said.
The purchaser must submit a construction plan within three months of purchase and begin construction within six months of the plan's approval; 50% of construction should be complete within 36 months of the land purchase, and the purchaser must complete construction of the project within a total of 54 months, according to the Guangzhou Bureau of Land Resources and Housing Management.
|
