China Resources Land Ltd has won the bids for six pieces of land totaling 510,000 square meters in Dongli District, Tianjin for a total of RMB 1.94 billion, sources reported.
The Hong Kong-listed firm is required not to build low-density properties, luxury residential properties or villas on these parcels.
The average cost of the parcels was RMB 3,800 per sq m in potential floor area, the total area of the to-be-built apartments, each of which will have less than 90 sq m, will account for more than 70% of the total construction area.
Reportedly, the real estate developer has purchased a 50% stake in a Shanghai-based property firm from Shanghai Shentong Metro Co Ltd for RMB 1 billion, and the target firm owns a 234,645-sq m plot in Minhang District of the city.
