China Aoyuan Property (03883) said it agreed to invest Rmb788.8 million in Qingdao Shengji Jinmao Construction and Development Co., Ltd. by acquiring 51% equity interests in the project company by way of capital injection at HK$526 million in cash and providing a shareholder's loan to the project company.
The project company is principally engaged in the business of property investment and development, which involve the property development and construction of two parcels of land located in Jiaozhou City, Shandong Province, the PRC, with a total site area of about 83,446 square metres and a total gross floor area of about 250,337 square metres for residential and commercial uses.
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