At auction Poly Real Estate Group paid $181 million for a piece of land in Changsha, Hunan Province, a record for the area.
The land, located on Shuyuan Road, Tianxin District, cost the developer about $378 per square meter of potential floor area, a record price for land in Changsha.
By the end of October, the Shanghai-listed developer spent $4.4 billion to increase its land reserves, having purchasing more than 7 million square meters of land in total so far this year..
The latest land purchase took place on Nov. 17 when Poly Real Estate won the bid for a piece of land in Changchun, Jilin Province.
Alibaba reports that in the first three quarters of this year, the company’s net profit was $262 million, up 40.98% year on year.