Future Land forms JVs to develop Suzhou & Nanjing sites

    Future Land Development (01030) said its subsidiaries Jiangsu Future Land, Suzhou Chuangjia, Kunshan Chuanghong, and Suzhou Wanrui entered into an agreement with Gefei Asset Management and its fund, stipulating the joint venture in relation to the development of a land parcel located in Taihu District, Suzhou.
  The fund will invest a total of up to Rmb600 million in Suzhou Wanrui, the project company for the land. After the equity capital injection, Suzhou Wanrui will be owned as to 51%, 17% and 32% by Suzhou Chuangjia, Kunshan Chuanghong and the fund. The total capital commitment into the joint venture from Suzhou Chuangjia and Kunshan Chuanghong is expected to be Rmb280 million.
  The land parcel has a total site area of 73,960.1 square metres with planned gross floor area of 267,369 square metres.
  Besides, Future Land said its subsidiaries, Future Land Wanjia, Future Land Wanlong and Gongmi Industrials agreed to form a joint venture to develop a land parcel in Nanjing. Gongmi Industrials will invest a total of Rmb300 million in Future Land Wanlong, the project company for the land. After the equity capital injection, Future Land Wanjia and Gongmi Industrials each holds 70% and 30% stake in the JV.
  The site has a total site area of 147,520.7 square metres with a planned gross floor area of 368,801.8 square metres.