Glorious Property Holdings won a bid for two parcels of land in China’s Jiangsu province with a combined offer of $609 million.
The developer said one site has a total area of 115,069 square meters, and the second a total area of 244,524 square meters.
Wikipedia tells us:
Jiangsu borders Shandong in the north, Anhui to the west, and Zhejiang and Shanghai to the south. Jiangsu has a coastline of over one thousand kilometers along the Yellow Sea, and the Yangtze River passes through its southern parts. Since the inception of economic reforms in 1978, Jiangsu has been a hot spot for economic development, and is now one of China’s most prosperous provinces.
Wall Street Journal quoted a Glorious Property executive as saying this was a major development.