Country Garden expands landbank in Nanjing

PETALING JAYA (March 10): Chinese property developer Country Garden Holdings has purchased eight pieces of land for its three residential property developments in Nanjing on March 7,  according to a report by Chinese news media.

According to the report by EastMoney.com, the eight pieces of land are in Xianlin East and have a total area of approximately 550 acres. However, the report did not state the price of the acquisition.

According to Country Garden’s newsletter in January this year, the company had invested 55.95 billion yuan (RM35.24 billion) to buy land with an estimated gross floor area (GFA) of 38.21 million sq m last year.

Country Garden will also continue to accumulate land in other provinces of China, such as Guangxi and Henan.

On Feb 25, the company acquired 235,900 sq m of development land in Liuzhou, Guangxi, for 2.27 billion yuan.

Meanwhile, Country Garden has also bought 80,000 sq m of development land in Foshan from the auction market, paying an average of 1,199 yuan psm.

Besides China, the developer also has exposure in Malaysia and Australia.

It plans to invest 250 billion yuan in its latest flagship project – Forest City, in Iskandar Malaysia, over a period of 20 years.