Aoyuan Property seeks partners for land acquisition

China Aoyuan Property Group Ltd (3883.HK) boss Guo Ziwen said that the company had set aside US$1.19 billion (RMB8.3 billion) to stockpile land for future development, China Business News reported. It is seeking partners to acquire plots in Beijing, Shanghai, Guangzhou, Chongqing, Shenyang, Chengdu, Changsha, Nanchang, Wuhan, Hangzhou, Hefei, Jinan and Nanjing. The company hopes to secure plots of more than  50,000 square meters in downtown areas. It is also looking for land in suburban areas of 200,000 square meters or above. As of March 31, 2008, Aoyuan had US$1.60 billion (RMB11.2 billion) available for use and had allocated just RMB290 million.