New World Dev (00017) joins CMSIZ to develop Shenzhen sites

    New World Development (00017) said Triumphant Ally Investments Limited, a 51% indirect subsidiary of the company and a joint venture vehicle with China Merchants Shekou Industrial Zone Holdings Co Ltd (CMSIZ), won the bid for the acquisition of the entire issued share capital of Gao Li Enterprises Limited and Ever Reliance Enterprises Limited.
  The total capital commitment of Triumphant Ally amounted to about Rmb9,156.8 million.
  Gao Li holds a land in Prince Bay, Shekou, Nanshan District, Shenzhen, Guangdong province, PRC, occupying a site area of 32,581.85 square metres with maximum plot ratio of 3.85, the use of land is for commercial and recreational purposes. Ever Reliance holds a land in Prince Bay, Shekou, Nanshan District, Shenzhen, Guangdong province, PRC, occupying a site area of 33,349.39 square metres with maximum plot ratio of 2.89, the use of the land is for commercial and recreational purposes. The lands will be used for the development of long-term commercial properties held for investment purposes.
  New World Development also won the bid for the capital injections to acquire 49% equity interest in each of Shenzhen City Prince Bay Shangding Properties Co., Ltd. and Shenzhen City Prince Bay Lewan Properties Co., Ltd. CMSIZ, the sole existing shareholder of Shangding and Lewin, will own the remaining 51% equity interest in each of Shangding and Lewan.
  Shangding holds a plot of land situated in Prince Bay, Shekou, Nanshan District, Shenzhen, Guangdong province, PRC, occupying a site area of 13,951.80 square metres with maximum plot ratio of 5.73, the use of land is for commercial purposes. Lewan holds a plot of land situated in Prince Bay, Shekou, Nanshan District, Shenzhen, Guangdong province, PRC, occupying an area of 14,054.52 square metres with maximum plot ratio of 5.69, the use of land is for commercial purposes. The total capital commitment of the New World Development Group amounts to about Rmb5,360.6 million.
  CMSIZ has been listed on the Shenzhen Stock Exchange (stock code: 001979.SZ) since December 2015.