Greentown China (03900) said it will jointly develop a land situated in New North Zone of Chongqing with China Real Estate Corporation Limited (CREC), a non-wholly-owned subsidiary of substantial shareholder China Communication Constructions Group (Limited), on a 35:65 ownership basis.
The land has a gross site area of about 518,452 square metres, which is intended to be developed into a mixed use complex comprising residential and commercial properties, namely Chongqing Central Park Project.
The parties currently expect that the registered capital of the project company will be increased to Rmb100 million, which shall be contributed by Greentown and CREC as to 35% and 65%, respectively.
CREC is primarily engaged in the business of property development in the PRC. Its shares are listed on the Shenzhen Stock Exchange in the PRC.
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