Central China Real Estate (00832) said Ping An Trust Company Limited agreed to establish a trust fund to contribute an aggregate amount of Rmb500 million to Kaifeng Central China Real Estate Company Limited (CCRE Kaifeng).
Upon completion, CCRE Kaifeng will have an enlarged registered capital of Rmb100 million and will be held as to 60% and 40% by Central China and Pingan Trust respectively.
An estimated loss of about Rmb10 million of the deemed disposal will be recorded.
CCRE Kaifeng is mainly engaged in property development and operates the Dongjingmenghua Project.
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