July 22 -- China Merchants Property Development (000024) filed it has bought land use rights to a tract in Baoan district, Shenzhen, for 253 million yuan, reports the Oriental Morning Post. The plot covers 49,541 square meters and has a construction area of 158,000 square meters. The land use period is 70 years, and affordable housing developments will be built on it.

A securities analyst said affordable housing developments bring in lower profits to developers. But their investment return is much more stable and they might receive government support and certain favors in obtaining bank loans for further land purchases.