Logan Property (03380) said Shenzhen Pingan Dahua Huitong Wealth Management Company Limited agreed to make a capital contribution of Rmb2 billion to Shenzhen Jinjun Real Estate Company Limited, an indirect wholly-owned subsidiary of Logan Property.
Upon completion, Logan Property's interest in Shenzhen Jinjun will be reduced from 100% to 51%. Pingan Dahua will own the remaining 49% stake.
Shenzhen Jinjun is the project company which owns the land use right to a parcel of land located in Longhua District, Shenzhen with a total site area of 46,646.77 square metres and estimated GFA of 186,500 square metres. The usage of the land has been approved for residential purpose. The term of the grant is 70 years. It is expected that the land will be developed into residential area.
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