C C Land Buys Guiyang Property

C C Land Holdings Limited has successfully acquired a land lot in Guiyang through its 85%-owned subsidiary Guiyang Zhong Yu Real Estate Development Company Limited.

The total consideration in Guizhou province is approximately CNY919 million.

The newly acquired land has a permitted gross floor area of approximately 1,312,880 sqm with 962,880 sqm above ground. The average accommodation value is approximately CNY954 per sqm. The land lot is planned for the development of a mixed use residential and commercial project.

Commenting on the land acquisition, Dr. Peter Lam, deputy chairman and managing director of C C Land, said, "We have full confidence in Guiyang's property market development as the economy of Guiyang continues to boom. This generates a strong demand for quality accommodation and commercial properties."

C C Land is principally engaged in the property development business in western China. It has a total land bank of about 14.68 million sqm in terms of gross floor area and about 10.48 million sqm in terms of attributable gross floor area, covering key western Chinese cities, namely Chongqing, Chengdu and Guiyang.

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