SINGAPORE - Hong Leong-linked property developer First Sponsor plans to buy Concord Focus Development, which owns three land parcels in China's Guangdong province totalling 36,405 square metres (sq m), for 738 million yuan (S$148.9 million).

First Sponsor said that the property has land use rights with expiry dates of Jan 31, 2088, for residential use and Jan 31, 2058, for commercial use.

Concord Focus Development's shareholders are Chung Kwok Keung, Poon Sau Tin and Poon Sum.

First Sponsor closed unchanged on Friday at $1.28. The announcement was made on Monday morning before market open.