Agile Group to Buy Land in Zhongshan City for CNY3.7 Billion

By Chester Yung Features Dow Jones Newswires

Chinese real estate developer Agile Group Holdings Ltd. (3383.HK) said late Tuesday it agreed to buy Zhongshan Yaying Real Estate Development Co. Ltd, which owns a land parcel in Zhongshan city of Guangdong province, for 3.7 billion yuan (US$559 million).

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The Hong Kong-listed developer said the land parcel in Zhongshan city with a planned construction area of about 1.49 million square meters, will be used for houses, low-rise residential buildings, commercial areas and schools. The acquisition will enable the company to generate income and provide capital appreciation potential, Agile added.

--Write to Chester Yung at chester.yung@wsj.com

(END) Dow Jones Newswires

September 26, 2017 20:21 ET (00:21 GMT)