The HNA Group, owner of Hainan Airlines, paid 7.44 billion HK dollars (960 million US dollars) for residential land in Hong Kong, the Chinese conglomerate's fourth major purchase in the city in the last five months.

Milway Development, ultimately owned by HNA Group, secured a 50-year right to the 9,482-square-meter space after beating 14 rivals, including China Overseas Land & Investment Ltd. and Vanke Property Overseas Ltd., according to an announcement from Hong Kong’s Lands Department on Wednesday.

The land will yield a total gross floor area of 51,202 square meters with an average land cost of 145,316 HK dollars (18,715 US dollars) per square meter.

The deal brought HNA’s total shopping bill in Hong Kong to 27.2 billion HK dollars (3.5 billion US dollars) over the past five months, giving the company about 37,000 square meters land in total.

“All four sites will be combined under one development project for the purpose of constructing a world-class integrated residential complex,” according to an HNA statement.

Thomas Lam, a senior director at Knight Frank, a real estate consultancy in Hong Kong, believed the apartments being built on the site would need to sell for at least 260,000 HK dollars (33,484 US dollars) per square meter.

Meanwhile, Chinese Mainland real estate developers have spent over 76.4 billion HK dollars (9.84 billion US dollars) on residential land acquisition in Hong Kong since 2011, and in 2016 alone, the bill paid by Chinese Mainland developers accounted for 54 percent of the total residential land transactions in Hong Kong, according to the newspaper Shanghai Securities News.

HNA, with an annual turnover of over 52 billion yuan (7.54 billion US dollars), has also been active in the travel industry, buying stakes in airline caterer Gategroup and  Servair, hotel group Hilton Worldwide Holdings, Brazilian airline Azul, and Hahn Airport in western Germany.