Beijing Capital Land Acquires Land Plot In Beijing

Beijing Capital Land (2868.HK) acquired a plot of land in Changyang town in Beijing's Fangshan district for 926 million yuan, reports NetEase.

The purchase price works out to a floor price of of 3,151 yuan per square meter, below the floor price of 5,726 yuan per square meter that China Vanke (000002) had paid for land in the area.

The land covers an area of 210,000 square meters. Construction area totals 360,000 square meters, of which 210,000 square meters will be developed for residential developments and 150,000 square meters for commercial purposes.

Separately, on February 25, Beijing Capital Land increased its stake in the Huangxinzhuang project located in Beijing’s Fangshan district to 95 percent.

Covering a land area of 180,000 square meters, the Huangxinzhuang project has a total construction area of 310,000 square meters and a floor price of 3,100 yuan per square meter.

Construction on both projects will start between 2010 and 2012.