Life of Guangzhou - Kaisa Group Acquires Land in Guangzhou for RMB 318 mln

Kaisa Group Holdings on May 26 obtained a piece of residential land for RMB 318 million in Guangzhou City, Guangdong Province, sources reported.

The land, located on Jiangnan Avenue, Haizhu District, Guangzhou City, covers an area of 8,579 square meters (sq m) and has a potential floor area of 53,809 sq m. According to the Municipal Land and Resources Bureau, Kaisa Group will use part of the land to build apartments with an area of 3,896 sq m and return them to the seller, a local property firm, as part of the deal.

The group, which is well known for real estate development in Shenzhen, Guangdong Province, currently has only three property projects in Guangzhou City, including the newly-acquired land. One of the other two projects is a completed Grade A office building. The other one, covering potential floor area of 118,758 sq m, is a commercial property project and will be completed in May 2010.

This year, Guangzhou plans to offer residential properties covering 2.5 square kilometers, of which low-rent housing and affordable housing for low-income families will account for a total of 0.8 square kilometers.

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