China Merchants Land (00978) said its non- wholly-owned subsidiary Merchants Property Development (Guangzhou) has acquired the land use right of the land parcel in Guangzhou City, Guangdong Province at Rmb1,460 million.
The land is situated at Huambo Business District, Nancun Town, Panyu District, Guangzhou. It has a total site area of 17,779 square metres and its permitted plot ratio is not more than 5.7. The land is designated for wholesale and retail usage, accommodation and dining usage, business and financial usage and other commercial usage. The term for the above usages is 40 years.
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