Life of Guangzhou - Guangzhou R&F Property Acquires Land in Beijing for RMB 1 bln

Guangzhou R&F Property Co Ltd<2777> on May 21 purchased a piece of undeveloped land for RMB 1.02 billion or RMB 15,000 per square meter (sq m) in potential floor area in Chaoyang District, Beijing, sources reported.

The land, located just outside Chaoyang's Guangqumen area, was auctioned with starting price of only RMB 299.25 million. On the site, the Hong Kong-base firm will build residential properties with floor area of 72,500 sq m for sale and low-rent residential properties with floor area of 5,000 sq m for low income families.

A spokesman said that it is still not clear whether the company has started to purchase land in quantity.

Reportedly, Guangzhou R&F Property has sold part of an office building, located in Zhujiang New Town, Guangzhou City, Guangdong Province, along with the naming rights, to a Guangzhou branch of China Development Bank (CDB) for a total of RMB 500 million.

The property developer's three commercial projects located in Zhujiang New Town, which will cover a combined floor area of nearly 400,000 sq m, will enter the market in the latter half of this year. The three new projects will consist of office buildings, shopping malls and apartment hotels, sources reported.

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