China's Agile Property buys 4, Shui On one

Hong Kong-listed Agile Property has bought four land sites at Huadu District in the southern Chinese city of Guangzhou for RMB920 million (US$124.2 million).

The total site area of the project is 283,000 square meters, with a gross floor area of 529,000 square meters, giving an average GFA (which stands for Gross Floor Area although why Reuters insists on using obscure acronyms wonders me) cost of RMB1,740 per square meter, which it said was competitive in the market.

Agile plans to develop the land into a community with schools and commercial facilities.

The land is in a prime location, with convenient facilities and good transport connections.

Meanwhile, Shui On Land has won a bid for a plot of land in China's southern city of Foshan for RMB7.5 billion ($$1.02 billion) for redevelopment.

The land covers an area of about 639,320 square meters and will be redeveloped into a comprehensive mixed-use community with office, retail, hotel and cultural facilities and residential properties.