Youngor Group acquires land in Ningbo for RMB 1.03 bln

Published: 03 Jun 2009 00:25:39 PST

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Jun. 3, 2009 (China Knowledge) - Youngor Group Co Ltd<600177>, which is engaged in the manufacture of apparel and textiles as well as property development, announced that on Jun. 1 that it obtained a piece of land for RMB 1.03 billion or RMB 8,707 per square meter (sq m) of floor area in Yinzhou New District, Ningbo City, Zhejiang Province, sources reported.

The floor area ratio of the undeveloped land, covering area of 59,047 sq m, will be less than 2.0. On the site, the company will build a residential property project that will compete with the nearby apartments, whose prices range from RMB 9,500 per sq m to more than RMB 10,000 per sq m.

Reportedly, the net profit of the Shanghai-listed company hit RMB 883.98 million in the first quarter of this year. Earnings per share were RMB 0.397.