Poly buys land in Wuhan for RMB 700 min

Published: 05 Nov 2009 19:42:28 PST

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Nov. 6, 2009 (China Knowledge) - Poly Real Estate Group Co Ltd<600048>, a subsidiary of state-owned China Poly Group Corp, Wednesday won the bid for a piece of land in Honghu District, Wuhan for RMB 700 million, a price much higher than the RMB 476 million starting price, sources reported.

The Shanghai-listed company purchased the parcel for RMB 2,682 per square meter of potential floor area. On the site, the firm will build residential properties.

The real estate developer last week announced that its contracted sales revenue was RMB 32.34 billion in the first nine months of this year, up 165.2%, and that its contracted sales area skyrocketed 163.3%, hitting 3.93 million sq m.

Poly currently has 83 projects under construction. They cover a land area of 17.85 million sq m, according to the company.