Summary by Moomoo AI
On July 9, 2024, a consortium composed of Hangzhou Yiyue Industrial Investment Co., Ltd., a subsidiary of Yuexiu Property, and Beijing Urban Construction Investment and Development Co., Ltd. successfully bid for the H2-17 plot in Changbai Community, Yangpu District, Shanghai for CNY 2.2 billion 30.23 million. Hangzhou Yiyue holds 95% equity of the consortium and plans to establish a project company with the partner to develop the site. The plot covers an area of approximately 13,798.77 square meters, with a total construction area of approximately 50,104.8 square meters, mainly for residential development, and the property is expected to be for sale. The location of the plot has convenient transportation and is close to multiple public facilities. The board of directors believes that this acquisition will help increase the company's land reserve and consolidate its strategic position in Shanghai.