China New Town Development (01278) said it entered into cooperation agreements with Jiangxi Zhengrong Real Estate Development Company Limited.
Subject to the condition that Jiangxi Zhengrong succeeds in the bid for the land use rights over a piece of land located at Wu Shang, Tiexin Bridge, Yuhuatai District, Nanjing City, the PRC, China New Town shall acquire 50% equity interest in the joint venture company; each of China New Town and Jiangxi Zhengrong shall make an advance to the JV by means of shareholders' loan; and China New Town shall acquire the office building of 20,000 square metres to be held by the JV after the construction of the office achieves the pre-sales standard.
The land has a total site area of 23,475.91 square metres, and is designated for commercial and office use.
20/09/2017 11:31
China New Town, Jiangxi Zhengrong to develop Nanjing land
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