Poly Developments and Holdings pays $621m for new development site

Guangzhou-based Poly Developments and Holdings, formerly known as Poly Property Group, has won a Shanghai residential site for RMB 4.179 billion ($621 million) at a government auction, according to an announcement by the Shanghai Land Exchange.

The 31,000-square-meter (333,700-square-foot) site  is located at 159 Jiangpu street and sits within Shanghai’s inner ring road. Approved for a plot ratio of 2.5, the project can yield up to 77,700 square meters (836,360 square feet) of housing, with the developer required to build 5 percent of that total as social housing and another 15 percent as rental housing, reported Mingtiandi.