Poly Real Estate continues major land buying spree
Developer ignores downward trend in Chinese land markets, investing at least 97.39 billion yuan to win 72 projects in 2018
Poly Real Estate, a Chinese developer and subsidiary of state-owned China Poly Group, spent about 10.1 billion yuan (US$1.49 billion) in one day to win two plots, despite the downward trend in land markets, The Paper reported.
On Tuesday, the developer secured an urban residential property in Suzhou city, Jiangsu province, with an expenditure of 1.556 billion yuan. The floor price was 26,002 yuan per square meter and the premium rate was 4.01%.
At the same time, the developer also won a commercial and residential tract in Guicheng Financial High-Tech Zone in Foshan city, Guangdong province, with a maximum price of 8.578 billion yuan. The land covers an area of 193,200 square meters and is fully expected to be built into a small town.
With these two new transactions, Poly Real Estate has now acquired at least 20 projects in over a month with an investment of about 25.091 billion yuan.
From the beginning of 2018, the company has invested at least 97.395 billion yuan to win 72 projects, including a residential project in Millbrook Park in the north London suburb of Mill Hill.