| Greentown China to increase land purchases |
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issue time:2007-03-10 08:12
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Jan. 11, 2007 (China Knowledge) – Mainland developer Greentown China Holdings will be increasing its spending on land purchases by up to 25% to RMB 10 billion in 2007.
Greentown, the largest developer of upmarket housing in Zhejiang’s capital Hangzhou province, will continue to look for sites in the province after having built a considerable land bank last year.
Last year, Greentown and its partners spent more than RMB 8 billion buying sites. The most recent purchase was a 132,325 sq m residential-commercial site in Lucheng district, Wenzhou city, in southeast Zhejiang, at a cost of RMB 3.33 billion.
Greentown, which raised US$347 million in a July share sale and sold US$400 million in bonds last month, plans to earn more than RMB 7 billion this year by selling projects in the cities of Shanghai, Hangzhou, Changsha and Beijing.
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