Jan. 13, 2010 (China Knowledge) - BBMG Corp, an investment enterprise engaged in the cement, building materials and real estate businesses, yesterday announced that it won the bid for a piece of land in Tianjin for RMB 1.33 billion or RMB 4,579 per square meter of potential floor area, sources reported.
According to the statement, the 182,500-sq m parcel, which is located in the city's Dongli District, has a potential floor area of 290,500 sq m and a floor area ratio between 1.4 and 1.7. On the site, BBMG intends to build apartments, schools and other supporting facilities. At least 70% of the floor area must consist of apartments smaller than 90 sq m.
The average selling price of apartments near the site is currently RMB 11,000 per sq m.
In the first three quarters of last year, BBMG purchased land totaling 77,300 sq m of potential floor area, and the firm's land reserves totaled nearly 3 million sq m of potential floor area as of the end of September.Â
BBMG acquired two plots in Hangzhou, Zhejiang Province for RMB 1.04 billion on Dec. 3 and won the bid for a mixed-use plot in Haidian District, Beijing for RMB 662 million on Dec. 30.
Reportedly, BBMG recently obtained an RMB 10-billion credit line from a Beijing subsidiary of Agricultural Bank of China. An RMB 3-billion loan contract has been signed by the two partners.
