Future Land Development (01030) said Shanghai Songrui Land Development, a subsidiary of Jiangsu Future Land, entered into an agreement with Shanghai Shangkun Real Estate.
Shanghai Songrui agrees to subscribe for the shares of Shanghai Quankun Investment and Shanghai Xinyao Investment, after which Shanghai Songrui and Shanghai Shangkun will each hold 50% equity interests in Shanghai Quankun and Shanghai Xinyao. Shanghai Songrui further agrees to invest an aggregate of Rmb1.6 billion to develop eight pieces of land of a total transfered area of 333,176.6 square metres in Dongjing, Songjiang, Shanghai, the PRC together with Shanghai Shangkun through Shanghai Quankun and Shanghai Xinyao.
Jiangsu Future Land is Future Land Development's subsidiary with its B shares listed on the Shanghai Stock Exchange.
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