Beijing Capital Land (02868) said it agreed to establish a joint venture company with controlling shareholder Beijing Capital Group Co., Ltd. in the PRC.
The parties expect to invest a total of Rmb90 million into the JV by contributing to its registered capital. Beijing Capital Land has agreed to contribute Rmb52.2 million, being 58% of the registered capital of the JV.
The JV is to be set up for the main purpose of obtaining and implementing the primary land development of the Fa Shang Industrial Park Project, a project involving the primary land development of the land at Fa Shang Industrial Park, Daxing District, Beijing.
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