Greentown China (03900) said it entered into a framework agreement with Zhejiang Lujiu Real Estate, which is held 50% by Greentown China and 50% by Wharf (00004), and Longfor Properties (00960) in relation to the proposed joint development of a piece of land in the Xiaoshan District of Hangzhou, Zhejiang province of the PRC with a gross site area of about 26,893 square metres into residential properties by Zhejiang Lujiu and Longfor on a 70:30 basis.
The residential properties to be developed on the land are expected to have a total gross floor area of about 72,611 square metres with a floor area ratio of 2.7.
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