Poly Real Estate buys land in Changsha for RMB 1.24 bln

Published: 25 Nov 2009 23:23:33 PST

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Nov. 26, 2009 (China Knowledge) - Poly Real Estate Group Co Ltd<600048>, a major property subsidiary of Poly Group, on Tuesday won the bid for a piece of land in Changsha, Hunan Province, for RMB 1.24 billion, sources reported.

The land, located on Shuyuan Road, Tianxin District, cost the developer about RMB 10.33 million per Mu, or RMB 2,583 per square meter of potential floor area, a record price for land in Changsha.

By the end of October, the Shanghai-listed developer had spent RMB 30 billion to increase its land reserves, having purchasing more than 7 million sq m of land in total.

The latest land purchase took place on Nov. 17 when Poly Real Estate won the bid for a piece of land in Changchun, Jilin Province, for RMB 393.5 million.

In the first three quarters of this year, the company's net profit was RMB 1.79 billion, up 40.98% year on year.