Yuexiu Group obtains land plot in Nansha

Yuexiu Property Company Limited has purchased a land plot for commercial and residential development in Nansha, Guanzghou, it informed the Hong Kong Stock Exchange on Monday.
According to the filing, Yuexiu Property Company acquired Guangzhou Zhongjing Huifu Real Estate Development, the company that owned the development rights over the land plot, from its controlling shareholder Guangzhou Yue Xiu Holdings Ltd for RMB2.6 billion (MOP3.1 billion/US$387.5 million).
The land plot occupies a total gross floor area of approximately 929,000 square metres and will be used for property development that include hotels, hospitals and schools.
Yuexiu Property Company is one of the four listed companies of parent company Yuexiu Group, which operates in finance and securities, real estate, transport and infrastructure.
The group operates in the real estate sector of the MSAR via a subsidiary, Yuexiu Property (Macau) Company Limited – which appeared in the Panama Papers leaks as having been registered in the British Virgin Islands in October,1992 under its former name of Guangzhou Investment Macau Property Company Limited.
In addition, the group operates a branch of Chong Hing Bank Limited in the MSAR, in which it acquired a 75 per cent equity interest, purchased in 2014.