The Guangdong-based company Country Garden, one of China's first-tier property developers, won an auction for two pieces of land on June 15 in Taicang city, Jiangsu province. The land was sold for a combined price of 461 million yuan ($74 million).

The two adjacent pieces of land, now owned by one of China's largest real estate tycoons, are located to the north of East Zhenghe Road and the west of Dongting Road. According to a staff member from the company, the lots of land will be a key urban development area in Taicang. The city hall, experimental middle school, Wanda Plaza and municipal people's hospital are all within close range to the land.

Country Garden is the third among the top-six real estate developers in China who have established themselves in Taicang, according to the municipal bureau of housing and urban-rural development.

Country Garden was established in 1992 and went public in 2007 at the main board of the Hong Kong Stock Exchange. The company also owns real estate programs in Malaysia and Australia.