Cofco subsidiary wins Sanya land bid

Sanya Yue Sheng, a subsidiary of Hong Kong-listed mainland developer Cofco Land, has won a bid for rights to 149,785.58 square metres of land in Hong Tang Wan Tourist Resort District of Sanya, Hainan, for 844.7 million yuan (HK$1 billion).

The rights are for 40 years for commercial land, and 70 years for residential land, according to an exchange announcement.

“In consideration of the strategic location of the Land and the limited land supply of Hong Tang Wan Tourist Resort District in the foreseeable future, the Board believes that the Acquisition is an excellent opportunity to the Group,” the company said in an announcement.