Future Land Development (01030) said it agreed to sell 50% equity interest in Suzhou Golden Century Real Estate Co., Ltd to Country Garden (02007).
Country Garden will contribute Rmb565 million into Suzhou Golden Century Real Estate.
Future Land and Country Garden will jointly develop properties regarding two land parcels, which are located at Yangchenghu Town, Xiangcheng District, Suzhou City, Jiangsu Province, with a land area of 171,543 square metres for wholesale and retail and 20,276 square metres for accommodation and catering (hotel) uses.
The net proceeds from the disposal after expenses are expected to be about Rmb565 million, which will be used by the Future Land Group for development of the Group's real estate projects and general working capital purpose.
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