Future Land Development (01030) and China Jinmao (00817) said they agreed to jointly develop a land parcel located at Liangchengxincun Subdistrict, Hongkou District, Shanghai.
China Jinmao will acquire the entire equity interest in Shanghai Yulong Real Estate Development Co., Ltd. held by Future Land. Upon completion, Future Land and China Jinmao will hold 51% and 49% in a project company respectively for the development of the property.
The land parcel has a property area of 19,959.5 square metres and a planned gross floor area of 54,888.625 square metres, and is designated for residential use.
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