[ET Net News Agency, 6 July 2018] China Pacific Insurance (CPIC) (02601) said its China
Pacific Life Insurance Co., Ltd. entered into a joint venture contract with Shui On Land
(00272) and Shanghai Yongye Enterprise (Group) Co., Ltd. to form a joint venture to carry
out a real estate development project on the land parcels in Huangpu District, Shanghai,
the PRC.
Upon establishment of the JV, CPIC Life, Shui On Land and Yongye Group will hold 70%,
25% and 5% of the equity interest of the JV, respectively. The registered capital of the
JV is Rmb14.05 billion. Each of CPIC Life, Shui On Land and Yongye Group shall contribute
Rmb9.835 billion, Rmb3.5125 billion and Rmb702.5 million respectively.
The target land is a commercial and office land parcel located in Huangpu District,
Shanghai, PRC, with a land area of about 35,000 square metres and a floor area of about
243,000 square metres. The JV plans to build an integrated real estate project on the
target land, comprising three office buildings and commercial facilities.
The project, upon completion of construction, will be used by CPIC for its own offices
to meet the Group's demand for office in Shanghai in mid-to-long term. In addition, CPIC
will be entitled to the naming right for office premises, leading to positive publicity in
branding and advertising effects. (HL)