Landsea PPT (00106) to participate in Nanjing projects

    Landsea Green Properties (00106) said it entered into a cooperation agreement with several parties for the joint development of the project of a parcel of land at 2014G52 lot, Hexi CBD area, Nanjing City.
  The partners include Nanjing Aohe Real Estate Development Company Limited, a subsidiary of Shanghai Construction Group, Shenzhen Lianxin Investment Management Company Limited, a subsidiary of Pingan Real Estate, and China Merchants Property (Nanjing), a subsidiary of China Merchants Property Development. The equity interest of the project company is held as to 51%, 30%, 12.97% and 6.03% respectively by Landsea Green Properties, Shenzhen Lianxin, Nanjing Bozhixin and China Merchants Property.
  The project covers a site area of about 81,561 square metres and with the plot ratio of 2.75. The expected total gross floor area could reach 224,293 square metres. The land purchase price is Rmb3.1 billion, and the estimated total investment will be about Rmb5.5 billion. The use of the land parcel is for type 2 residential land. Landsea is in charge of development, construction, management and sale of a land parcel covering a gross floor area of 153,083 square metres. The project is intended to build a green technology residence which is widely sought in Nanjing market, and is expected to bring considerable income.
  Besides, Landsea and Shenzhen Lianxin agreed to jointly cooperate in the development of the urban mix of residential land located in the west of Jinger Road and the north of Jinwen Road in Jiangning Binjing Development Zone, Nanjing. Nanjing Langming and Shenzhen Lianxin will make additional capital injection in a project company, which will be owned as to 50.1% and 49.9% respectively by Landsea and Shenzhen Lianxin. The land parcel covers a site area of about 50,543 square metres.