Guangzhou Investment buys land sites for $192 million

Real estate developer Guangzhou Investment has bought three land sites in Guangdong province for a total RMB 1.31 billion ($191.7 million), a move to tap growing demand for residential properties in China.

The company said in a statement it would buy two commercial and residential land sites in Jiangmen City  — the illustration is a night scene there — for RMB 968 million yuan, and would acquire another residential site in Guangzhou City for RMB 345 million. However, it gave no further details.

Property investment is a major driver of China’s overall urban fixed-asset spending.

The National Bureau of Statistics had said on Wednesday property sales nationwide increased by 25.5% in the first five months, up from annual growth of 17.5% in the first four months, sustaining an upward trend that started at the beginning of this year.