Modern Land (China) (01107) said it agreed to establish a joint venture company MGCW, LLC with Modern Green Land Bellevue LLC, which is indirectly held as to 66.6% by Chairman Zhang Lei, and CW Development LLC for the purpose of acquiring a land in Seattle, Washington.
The investment amount to be contributed by Modern Land, MGL Bellevue and CW Development shall be US$15.3 million, US$7.2 million and US$7.5 million, respectively, representing 51%, 24% and 25% of the total investment amount of MGCW.
The land has a site area of about 14,387 square feet and a gross floor area of about 237,000 square feet. It is expected that the land will be developed into serviced apartments for sale purpose. The purchase price of the land will be around US$16.25 million.
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