Canton Properties, a London-listed Chinese property developer, is today expected to announce the Rmb2.5bn ($350m) acquisition of a commercial land bank in the city of Guangzhou. Financial Times

The company, which joined the Aim market last August, plans to develop a financial centre on the land, located in the Pearl River New City business district.

The Canton Finance Centre is expected to comprise a 244,000 sq m complex of offices, retail outlets, serviced apartments and a five-star hotel, and is scheduled to open in 2011.