$90M Buy Fuels Massive Multifamily Plan

(Read more on the multifamily market.)

TAIYUAN, CHINA-Continuing a strategy to construct residential projects throughout Mainland China, Asian development firm Guangzhou R&F Properties has secured a 275-acre land parcel here in the capital of Shanxi Province. The site, which can yield 22 million sf of development, was purchased for $89.9 million.

In July, Guangzhou R&F acquired a 232-acre parcel in the Chinese City of Tianjin on which another large residential complex is being planned. Headquartered in the city of Guangzhou, the firm has been active in China’s CRE market since 1994, and is a leading contributor to the prolific wave of multifamily development occurring throughout its homeland. The company owns 68 properties, having completed multifamily projects in Beijing, Chongqing and Xi’an. Guangzhou R&F now owns 5,000 acres of land reserves for residential throughout Mainland China and has multifamily ventures under way in excess of 42 million sf, the firm estimates.