China Merchants Land (00978) said it obtained the Land Transfer Confirmation for the land use right of the land parcel in Foshan City, Guangdong Province, the People's Republic of China for Rmb1,752 million.
The land is situated from South Jititang Road in the east to Foshan 1st Ring in the west, from Tanzhou Water Channel in the south to Fochen Road in the north, South Side of South Jinchang Road, Chencun Town, Shunde District, Foshan City. It has a total site area of 68,731.91 square metres and its permitted plot ratio is more than 1.0 and less than or equal to 2.5. The land is designated for urban residential usage and wholesale and retail usage, accommodation and catering usage and commercial and financial usage. The term for urban residential usage is 70 years while the wholesale and retail usage, accommodation and catering usage and commercial and financial usage are 40 years.
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