Zhong An Real Estate (00672) said it agreed to acquire a parcel of land situated at Xiaoshan District, Hangzhou, Zhejiang Province at Rmb736 million after winning the bid for the site earlier.
The area of the site is 46,703 square metres. The total gross floor area of the buildings to be constructed on the site would not exceed 138,148 square metres. The average land cost is around Rmb5,330 per square metre. The site is designated for residential and commercial development, with separate portion for the respective part, and with land use right of 70 years and 40 years, respectively.
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