Modern Land (China) (01107) said it agreed to establish a joint venture company with Great Wall Pan Asia International Investment Co., Limited to develop two parcels of lands in Changsha, Hunan province with gross floor area of about 569,113 square metres into residential and commercial properties.
The JV will be owned as to 51% by Modern Land and 49% by Great Wall. Each of Modern Land and Great Wall shall contribute Rmb500 million as shareholder loan.
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