Hainan Expressway (000886) intends to bid 62.11 million yuan for a plot of land in Hainan province, reports ccstock.cn, citing a company filing.
 
The land covers an area of 204.81 mu (1mu = 666.67 square meters).
 
The acquisition is aimed at increasing the company’s land reserves, said Hainan Expressway.
 
The company added that it may change the land usage from industrial purpose to residential purpose.
 
Hainan Expressway earned 57.06 million yuan from its real estate business in 2009, accounting for 26.97 percent of total revenue. Gross margin was 26.37 percent in the same period.
 

 
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