BBMG acquires Beijing real estate project for CNY 336.4m

BBMG Corp announced today that its subsidiary, Beijing Jingye Real Estate Development Group, successfully acquired a real estate project in Beijing's Haidian District. The acquisition was formalized with the "Confirmation Letter for the Transaction of State-owned Construction Land Use Rights in Beijing". The project, located in the Baoshan Village shantytown renovation area, involves land parcel HD00-1412-0017 designated for second-class residential construction. The total land area is 28,592.77 square meters, with a planned above-ground gross floor area of 60,044.82 square meters. The total transaction price for the acquisition is CNY 336,400,000. Beijing Jingye Real Estate Development Group now holds 100% ownership of the project.