SOCAM Development Ltd. (00983.HK) has agreed to buy a 65 percent stake in a company that owns three land parcels in Jiangning district, Nanjing city, for 330 million yuan (US$53.95 million), it said in a regulatory filing Sunday. The sites have a combined area of 110,500 square meters, of which two are for residential use and the other for hospitality-related projects. SOCAM said the investment will help expand its portfolio of residential and commercial properties in China. It may acquire the remaining 35 percent of the company in the future, the filing said.
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