China Merchants Property Development secures use right for state-owned Suzhou land

Land use right spans 70 years.

In a disclosure to the Singapore Exchange, China Merchants Property Development announced that its wholly owned subsidiary got the use right of the state-owned construction land with the No. SD 2013-G-70 in Suzhou by bidding through listing transfer, and the related condition of the block.

The above-mentioned block is in Yuanhe Street, Xiangcheng District, Suzhou, south of Anyuan Road and east of Guangji North Road.

The total area of the above-mentioned block is 64,819 square meters with a 1.0＜plot ratio ≤2.5. The company said the land purpose is for city and town residence, and the period of the land use right is 70 years.

The total transaction price of the above-mentioned block is RMB 870 million.