Property developer Kowloon Development Co. Ltd. said the firm and CITIC South China (Group) Co. Ltd. won a 3.03 billion yuan ($375.5 million) joint bid for seven pieces of land in China's southern city of Foshan.

The two companies will set up a joint venture with equal shares to hold and develop the properties.

Kowloon Development sold more than $145 million worth of shares earlier this month to finance land acquisition in China.