Jan. 25, 2010 (China Knowledge) - Qingdao Haier Real Estate Development and Investment Co, a wholly-owned subsidiary of the Haier Group, has recently acquired a mixed-use parcel in Jinnan District, Tianjin.

The 885-mu plot, located between the central district of Tianjin Municipality and the Binhai New Area, will have a floor area of around 850,000 square meters. However, no financial details on the land were disclosed.

Lu Keng, board chairman and CEO of the property developer, said that the firm will simultaneously kick off two projects on the site.

Haier Real Estate, which currently has projects in Qingdao, Chongqing, Taiyuan and Ji'nan, intends to expand to another four Chinese cities this year, Lu added.

Registered in November 2009, the property unit reaped RMB 5 billion in sales revenue and a net profit of RMB 500 million last year. It is estimated that the company's sales revenue will hit RMB 8 billion in 2010 and RMB 12 billon in 2011.