Minmetals Land (00230) said it agreed to acquire 33.33% of the equity interest of Kuangji Properties (Nanjing) Co., Ltd. at Rmb2,238 million.
Upon completion, the project company will become an indirect wholly-owned subsidiary of Minmetals Land.
The project company was established mainly for the purpose of developing a residential development project located at Tian He Road, southern part of Hexi, Jianye District, Nanjing, Jiangsu Province, the PRC. Construction of the project is expected to be completed by the end of 2018. As at 30 September 2016, about 85% of the project, representing about 299,000 square metres, have been contracted for sale.
07/12/2016 10:20
Minmetals Land to add stake in Nanjing project at Rmb2.24bn
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