Feb. 8, 2010 (China Knowledge) - Poly Real Estate Group Co Ltd<600048>, a major property subsidiary of state-owned Poly Group, on Jan. 29 acquired a piece of land in Qiaokou District, Wuhan, Hubei Province for RMB 584 million.

The Shanghai-listed firm beat out China Vanke Co Ltd<000002><200002> to purchase the 51,400-sq m parcel, which cost RMB 4,150 per square meter of potential floor area and has a floor area ratio of 4.

On the same day and in the same city, Country Garden Holdings Co Ltd<2007>, a real estate developer based in Guangzhou and Foshan, Guangdong Province, won the bid for a 30,000-sq m plot for RMB 104 million or RMB 125 per sq m of potential floor area.

On that day, Wuhan auctioned 16 pieces of land totaling 1,996 Mu for a total of RMB 3.43 billion.

Reportedly, the city on Feb. 5 will sell 11 parcels. The parcels have a combined area of 2.05 million sq m. Seven of the 11 parcels are located in Hongshan District, three are in Hanyang District and one is in Jiangan District. The land transfer payment will be around RMB 12 billion in total, predicted an insider.