Sunac China Holdings’ (1918.HK) related company, Tianjin Poly Sunac Investment, spend 2.99 billion yuan to buy a land in Tianjin, reports yicai.com, citing the company’s announcement.
Sunac Property and Poly (Tianjin) Real Estate respectively hold 49-percent and 51-percent stakes in Poly Sunac Investment. The land that Poly Sunac bought is located in Hexi district, Tianjin, with floor area of 111,400 square meters and construction area of 320,000 square meters. Of which, 114,200 square meters will be used to develop commercial homes, 128,000 square meters will be used to construct an office building and 50,000 square meters will be used to build a apartment hotel.
Sunac China Holdings expressed that it bought the land in order to increase its land reserves in the coastal city.
