Foreign Property News | Posted by Zarni Kyaw
Just last month Sunac China Holdings chairman Sun Hongbin told investors and the media that his company would be “very careful in future land purchases”, but that caution has now translated into a one-day set of site expenditures totalling RMB 15.2 billion.
The purchases translate into more than $2.25 billion to acquire four plots at a government auction in Wuhan on April 23rd, as the top five mainland developer bets big on the capital of Hubei province.
Two of the developer’s four plots lie in the city’s Hanyang district where Sunac picked up a mixed-use plot for the auction minimum of RMB 3.85 billion and a residential site for RMB 4.1 billion.
In Qiaokou district, the company picked up a second mixed-use site for RMB 7 billion, while it spent another RMB 287 million to acquire a commercial project in Jiangxia district.
In total, Sunac’s four land purchases allowed it to add 1.62 million square metres of future space to its Wuhan land reserves.
On April 23, the land market in Wuhan City publicly launched 10 sites, including 6 online listings and 4 listings on site. The total starting price was 19.789 billion yuan, and the total sales area was about 855,500 square meters.
Among the 10 plots, Sunac Real Estate Group won four of the plots.
Ref: Property Report
