19 November 2018

China Resources pays 3.83 bln yuan for Fuzhou site, paper says

Property developer China Resources Land Ltd. (01109.HK) snapped up a commercial site in Fuzhou, Fujian province, for 3.83 billion yuan (US$634.36 million) at auction Monday, National Business Daily reported Wednesday, without citing a source. The purchase comes a month after it paid 2.01 billion yuan for a site in Xiamen, the report said. The amount spent on the two purchases is equivalent to a quarter of the total the company outlaid on land last year, suggesting China Resources is expanding its Vientiane City Plaza concept into second- and third-tier cities.

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