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The move has driven up the land reserve of Youngor Group, and is expected to lift its profitability and ensure the further development of its real estate business.
The plot measures 59,047 square meters and can be used for residence. The buyer is entitled to use the plot for residence purpose for 70 years and for business use for 40 years.
Youngor Property, as one of the leading real estate companies aiming at the fast-growing second-tier cities like Ningbo and Suzhou, gained the usufruct of several land lots in Hangzhou in 2007, building up its presence in the Yangtze River Delta.
Its parent is engaged in such businesses as textile, garment, real estate, and securities investment. Its net profit fell 36.05% year on year to CNY 1.583 billion in 2008, but surged 74.98% to CNY 883.9786 million in the first quarter of 2009.
Source: www.shihua.com.cn (June 04, 2009)
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