Prosperity International (00803) said it entered into a co-operation agreement with Dongguan City Danxin Property Company Limited, Lin Danhe and Dongguan City Danxing Industrial Company Limited to co-operate to implement a redevelopment project.
The project the collaboration with the village committee of Guanjingtou Village, Fenggang Town, Dongguan City for the redevelopment of a parcel of land situated at the industrial town, north side of Longping Road, Guanjingtou Village, Fenggang Town, Dongguan City, with a total area of about 30,453 square metres, the acquisition of the state-owned land use right of the land and the undertaking of a property development project on the land.
Prosperity International and Dongguan Danxin will establish a joint venture to develop the project, which shall be owned as to 70% and 30% respectively. The maximum total investment amount of the JV is Rmb600 million. The maximum total investment amount of the Group is expected to be Rmb420 million.
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