COLI (00688) & CSCI (03311) form JV to develop Tai Po land

    China Overseas Land & Investment (COLI) (00688) and China State Construction International (CSCI) (03311) said they entered into a joint venture agreement.
  After subscription of shares in Trillion Vantage Investments Limited by CSCI, the JV will be owned as to 80% and 20% by COLI and CSCI respectively.
  The sole business of the JV shall be the investment holding of 100% shareholding interests in the project company Asia Metro Investment Limited, and the principal business of the project company shall be property development and ownership of a land situated at Tai Po Town Lot No. 221, Shan Tong Road, Lai Chi Shan, Tai Po, New Territories, Hong Kong. The land has a site area of about 37,696 square metres and a gross floor area of not less than 64,260 square metres and not exceeding 107,100 square metres. The land is planned for private residential purposes.
  The estimated total investment amount for the construction and development of residential premises on the land is about HK$10,000 million, of which HK$2,130 million has already been paid as consideration for the acquisition of the land.
  It is expected that the COLI Group will record an immaterial gain of HK$9,300 from the deemed disposal at completion.