Joy City Property (HKG:0207) unit Sanya Yuelu Development has acquired land use rights in Hainan Province, China, for 725.1 million yuan, a Monday Hong Kong bourse filing said.

Sanya Yuelu Development is expected to finalize the land use rights grant contract with the Resources and Planning Bureau by Dec. 2.

The acquired land will be used for residential purposes with a 70-year land use right, while the food and beverage areas will have a 40-year land use right.