November 7 -- Shenzhen Huaqiang Industry (000062.SZ), a company engaged in the electronic information and property development sectors, said its wholly-owned subsidiary, Shenzhen Huaqiang Digital World Development, bought a plot of land in Wuhu, Anhui province, for 714.3 million yuan, reports yicai.com, citing a company filing.

The plot covers a land area of 79,356.6 square meters, and can be used to develop residential homes, commercial and office buildings.

The land use rights for residential use is valid for 70 years, and that for commercial and office usage is 40 years.

The company plans to build an electronics market on the plot of land in order to develop its major business.