BBMG wins land bid in Hangzhou for RMB 1.33 bln

Byyyp

Updated 2010-12-01

BBMG Corp, a Beijing-based building material manufacturer, on Nov. 30 acquired a piece of land in Hangzhou, Zhejiang Province at a consideration of RMB 1.33 billion.

The plot, located in the city's Gongshu District, has an area of 71,300 square meters and will have a floor area of 142,560 sq m, and its land transfer payment was RMB 9,329 per sq m of potential floor area.

The Hong Kong-listed firm intends to build residential and commercial properties on the site.

In addition, BBMG announced that it plans to issue RMB 800 million worth of medium term notes, and the coupon rate will be determined during the process of book building.

This bath of issue is part of the firm's RMB 2.8-billion mid-term note offering plans, of which RMB 2 billion of notes have been issued.

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