A subsidiary of Poly Developments won a residential plot in Huangpu, Guangzhou, for 1.665 billion yuan. The winning entity is indirectly wholly owned by Poly Developments.

On October 9, the KXCGS-I4-8 plot in Huangpu District, Guangzhou, was successfully transferred. Guangzhou Baolong Real Estate Co., Ltd. won the bid for 1.665 billion yuan, with a transaction premium rate of 26.61%. According to Securities Times, the plot was sold after multiple rounds of bidding, and the winning entity is a company under Poly Developments. Tianyancha App shows that Guangzhou Baolong Real Estate Co., Ltd. was established in July 2022, with a registered capital of 10 million yuan, and the legal representative is Li Kai. Shareholder information shows that the company is wholly owned by Guangzhou Conghua Poly Real Estate Development Co., Ltd.; further tracing upward, Guangzhou Conghua Poly is wholly owned by Guangdong Poly Urban Development Co., Ltd., and Guangdong Poly Urban Development is wholly owned by Poly Developments and Holdings Group Co., Ltd.