Guangzhou Investment unit acquires 2 sites in Jiangmen, Guangdong

Published: 04 Jun 2009 19:52:46 PST

Top 5 News From ChinaKnowledge.com

China Exim Bank lends RMB 40 bln in Jan-May
UBS raises stake in China Molybdenum to 6.07%
Lenovo launches Global Education Research program
Hopson Development to raise US$216 mln
Sichuan Changhong shifts toward energy-efficient air conditioners

Jun. 5, 2009 (China Knowledge) - A 95%-owned subsidiary of Guangzhou Investment Company Ltd<0123>, which is engaged in development of real estate, toll highways and bridges, on Jun. 2 spent RMB 968 million buying two pieces of commercial land with combined land area of 188,000 square meters (sq m) in Jiangmen City, Guangdong Province, sources reported.

The subsidiary obtained one of the two plots for RMB 476 million and the other for RMB 492 million. The former covers a land area of 101,000 sq m and has a potential floor area of 233,000 sq m, while the latter covers a land area of 87,000 sq m and has a potential floor area of 199,000 sq m.

Reportedly, total property investment in Jiangmen City totaled RMB 1.2 billion in the first quarter of this year, down 16.45% from a year earlier. In the same period, residential property investment amounted to RMB 1.01 billion, a decrease of 23.2% year on year.

Copyright © 2009 www.chinaknowledge.com