Tianjin Jintou State-owned Urban Development's (SHA:600322) unit, Tianjin Xinglong Real Estate Development, acquired a land parcel for 564 million yuan, according to a Shanghai Stock Exchange disclosure on Tuesday.
The land parcel is located in Dongli District, Tianjin, China and has a land area measuring 31,284.5 square meters.
The Chinese real estate developer will use the land for urban residential purposes, the disclosure said.
The company's shares rose over 1% in recent trade.
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