C C Land Holdings Ltd recently acquired two land lots in Chongqing, with a total GFA of approximately 868,000 sq m. The land lot in Nan'an District was acquired by the group through a wholly-owned subsidiary in conjunction with a 51%-owned subsidiary ¨C Chongqing Verakin Real Estate Company Ltd. The total consideration for this land lot is approximately RMB1.88 billion. In addition, the group has acquired another land lot in the Jiangnan New District, Wanzhou District through its wholly-owned subsidiary at a consideration of approximately RMB298 million.
     The site in Nan'an District is located on Xuefu Road. With total site area of approximately 216,000 sq m the site has a permitted GFA of approximately 598,000 sq m. The average accommodation value is about RMB3,150 per sq m in GFA. This riverside site is most suitable for the development of luxury high-end properties.
     The site in Jiangnan New District, Wanzhou District occupies a total site area of approximately 119,400 sq m and has a permitted GFA of approximately 270,000 sq m, translating into an accommodation value of about RMB1,100 per sq m in GFA. It is planned for the development of a residential and commercial project. Situated in northeast Chongqing, on Nanbin Road, Jiangnan New District in the Wanzhou District, the site is close to one of the group's developing projects¨C¡°Riverside One, Wanzhou¡±, and the planned commercial centre in the Jiangnan New District.
     Commenting on the land acquisition, Dr Peter Lam, Deputy Chairman and Managing Director of C C Land, said,¡°Leveraging on our strong financial position and our expanding project teams, we will continue to look for other land acquisition opportunities, not only in cities where we already have a presence, but also other cities with high economic growth in Western China.¡±