SINGAPORE (July 11): Yuexiu Property has acquired a parcel of land in Niu Tian, Jianggan District, Hangzhou City in the Zhejiang Province of China for a consideration sum of RMB 986 million ($200 million).

The land for residential use spans a total gross floor area of 76,800 sq m, with an average land cost of about RMB 12,800 per sq m.

In a Friday announcement, the Hong Kong-listed company says its acquisition is for the purpose of “absorbing quality land bank appropriately” under its strategy of focusing on “three core regions”: namely Greater Guangzhou, Central China and Yangtze River Delta.

Yuexiu’s total land bank now amounts to 13.76 million sq m, with around 10.51 million sq m of land bank in terms of attributable interest.

The company believes this move further expands its development scale in the region, and at the same time, will better play to its brand advantage and synergy in the region.

It also intends to apply an employee incentive scheme to the project for the development of the Niu Tian land parcel.

In January this year, Yuexiu, which has a primary listing in Hongkong, announced it is seeking to delist from its secondary listing on the Singapore Stock Exchange due to the low trading volume of its shares.