Greenland acquires land in Hefei for RMB 1.08 bln

Sep. 14, 2009 (China Knowledge) - Greenland Group, a leading real estate developer in China, on Sep. 9 won the bid for a piece of residential land in Zhengwu District, Hefei Province for RMB 1.08 billion or RMB 5,120 per square meter of potential floor area, sources reported.

The parcel, which covers a land area of 211 Mu, was auctioned starting at a price of RMB 2.8 million per Mu. 

Chief Marketing Officer Cai Fuhua, said that the firm intends build apartments and villas on the site. The project will have a floor area ratio of less than 1.5 and a building coverage rate of up to 25%. Landscaped areas will cover up to 40% of the development.

Reportedly, Greenland Group on Sep. 1 obtained an RMB 30-billion credit line from China Development Bank, having acquired a total of RMB 17.4 billion in credit from Bank of China<601988><3988> and Agricultural Bank of China earlier this year

In the first seven months of this year, the property enterprise reaped RMB 35.46 billion in operating revenue, a year-on-year increase of 61.5%, and the firm aims to record operating revenue of more than RMB 60 billion this year, bringing gross profits to RMB 4 billion at least.