Guangzhou R&F Properties (02777) said it entered into a framework agreement with HNA Real Estate Group Co., Ltd. in respect of the land use rights for development and construction and construction in progress on land located at both sides of Guoxing Avenue in Haikou City, on the east side of the CBD of the Dayingshan and west side of the Haifu Avenue, with land use rights area of about 93,900 square metres.
It is expected that the cooperation consideration is about Rmb5.7 billion. The land use is for urban residential and commercial use, with a gross floor area of around 670,000 square metres.
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