A subsidiary of China Merchants Land (0978), Foshan Merchants Property, has bid successfully for the land-use rights of a tract in Foshan for 2.02 billion yuan (HK$2.31 billion). .
The 875,719-square-foot plot, which is designated for commercial and residential use, is listed as a Nan Jin Village Committee lot on Sha Long Road in Foshan's Nanhai district.
The acquisition is in line with its business development strategy, China Merchants Land said.
The deal follows on from China Merchants Land announcing in April that it had acquired land designated for residential use in the Zengcheng district of Guangzhou. That cost 4.35 billion yuan for a site area of 930,184 sq ft.
China Merchants Land also announced that its contracted sales in the first quarter took in 6.01 billion yuan, up 70 percent on the corresponding period last year. Aggregate contracted sales area rose 40 percent year on year to 3.81 million sq ft.