Jiangsu Zhongnan Construction Group Co Ltd<000961>, which is engaged in contract construction and property development, has won the bids for two pieces of land at a consideration totaling RMB 1.77 billion.
According to a statement filed with the Shenzhen Stock Exchange, the company on Dec. 15 acquired an 800-mu plot in Zhanzhou, Hainan Province for RMB 280 million by cash.
On Dec. 16, the company acquired a 351,900 square-meters parcel in Zhenjiang, Jiangsu Province for RMB 1.49 billion. On the site, residential and commercial properties will be built.
Report said that Jiangsu Zhongnan Construction has intention to enter the Chinese movie industry. But the firm denied the news and said that it just leased commercial properties to some film makers.
Jiangsu Zhongnan Construction estimated that its net profit attributable to shareholders for 2010 will be between RMB 700.68 million and RMB 875.85 million. 
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