Zhong An Real Estate (00672) and China New City Commercial Development (01321) said China New City made a successful bid for the land use right of a parcel of land located at Hangzhou, Zhejiang Province, the PRC through open tender auction organised and held by Hangzhou Land Resources Bureau at Rmb281 million for commercial property development.
The land parcel has a site area of about 39,703 square metres and total gross floor area of the buildings to be constructed on the land parcel shall not exceed about 59,555 square metres.
China New City is an indirect non-wholly owned subsidiary of Zhong An.
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