Poly buys land in Hangzhou for RMB 1.02 bln

Sep. 24, 2009 (China Knowledge) - Poly Real Estate Group Co Ltd<600048> on Tuesday won the bid for a piece of land in Hangzhou Economic and Technological Development Zone, Zhejiang Province for RMB 1.02 billion, much higher than the starting price of RMB 552.82 million, sources reported.

The Shanghai-listed firm acquired the parcel, which covers a land area of 52,655 square meters, for RMB 7,458 per sq m of potential floor area, judging by the floor area ratio of 2.6.

Two other firms also bought land in Hangzhou on Tuesday. Rixin Textiles Co Ltd purchased an 8,295-sq m piece of land for RMB 417 million or RMB 10,054 per sq m of potential floor area, and a local property developer acquired a piece of land for RMB 680 million or RMB 9,669 per sq m of potential floor area.

Reportedly, Zhao Shenhai, vice president of Poly Group, the parent of Poly Real Estate, has shown strong interest in participating in a large redevelopment project in Shushan District, Hefei, Anhui Province.