By Chester Yung
HONG KONG--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).
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 [email protected]