Times Property (01233) said it has succeeded in the public auction to acquire the land-use-right of a land parcel in Guangzhou City, Guangdong Province, the People's Republic of China for a total of about Rmb1,260 million.
The land parcel has a total site area of about 67,486 square metres, and its plot ratio shall not exceed 2.5. It is designated for developing commercial and residential properties with a term of 40 years and 70 years respectively.