Redco wins Hefei site for 681.3m yuan

PUBLISHED : Friday, 22 August, 2014, 9:33am
UPDATED : Friday, 22 August, 2014, 9:33am

Redco Properties bid 681.3 million yuan (HK$858.8 million) to win an 88,000 square metre residential development site in Hefei, the capital of Anhui province, at public auction.

The small mainland developer, which focuses on second- and third-tier cities, said wholly-owned subsidiary Yantai Redco Development submitted the winning bid.

The land has a plot ratio of no more than 2.8 times and could provide a total gross floor area of about 300.000 square metres, Redco said in an announcement filed with the Hong Kong stock exchange.

It said Hefei had high development potential and the acquisition would further expand its business in an area where it already had a presence.