Greentown China (03900) said the company and substantial shareholder China Communication Constructions Group (Limited) proposed to jointly develop a piece of land located in the Mentougou District of Beijing, the PRC with a site area of about 72,401.83 square metres on a 85:15 ownership basis through a project company.
The land is expected to be primarily developed into residential properties with an expected gross floor area of about 202,725 square metres (which includes 31,000 square metres as public rental housing) and a floor area ratio of 2.8.
The registered capital of the project company is Rmb100 million.
CCCG is a wholly state-owned company established in the PRC holding 28.895% stake in Greentown China.
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