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FINWIRES

Ling Yue Services Group to Bid for Land in China

-- Ling Yue Services Group (HKG:2165) plans to bid for a parcel of land in China's Xichang City, according to a Hong Kong bourse filing Sunday.

The land parcel available for public tender is situated at east side of the Nantan Vegetable Market and covers 15,444.39 square meters of area. The parcel is designated for both residential and commercial use for terms of 70 years and 40 years, respectively.

The initial bid for the land is set at 142.7 million yuan and the firm said it would pay a bidding deposit of 28.6 million yuan to participate in the tender.

If successful, the property manager plans to develop the land for commercial and residential use and sell the properties in the market.

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