Poly buys land parcels for 3b yuan

Shanghai-listed realty developer Poly Real Estate Group Co said on July 10 that it bought several parcels of land in three cities for 3 billion yuan ($471 million).

Poly bought several parcels of land for the development of homes and commercial property in Southwest China's Chongqing and Deyang, and in Shenyang, in North China's Liaoning province.

The two parcels of land Poly acquired in Chongqing, measuring 113,815 square meters, were sold at 1.36 billion yuan, and one parcel of land in Shenyang measuring 187,850 sq m cost 1.04 billion yuan. Another six plots in Deyang measuring 344,037 sq m cost 597.5 million yuan.

The Guangzhou-headquartered developer said it plans to develop projects in Chongqing and Shenyang with partners but did not say which developers will be involved in the projects.

Poly said in a separate statement on July 10 that its sales revenue in June hit 15.5 billion yuan, a 38 percent month-on-month increase.

Poly is China's third largest real estate developer according to revenue.

wuyiyao@chinadaily.com.cn

Jiang Wenqing contributed to the story.