CIFI Holdings (Group) Co. Ltd. and its subsidiaries are expected to spend roughly 1.30 billion yuan under a joint venture agreement to develop a roughly 80,651-square-meter site in China's Jiangsu province.

The Shanghai-based real estate developer agreed to form a joint venture company with Henderson Land Development Co. Ltd. units Henderson China Properties Ltd. and Great Asia Investment Ltd., and Nantong Zhongnan New World Centre Development Ltd.

Suzhou Changzun Properties Ltd., which has a total registered capital of around 2.31 billion, will develop the site, with a planned gross floor area of roughly 169,368 square meters.

Great Asia will have a 51% stake in Suzhou Changzun, Nantong Zhongnan a 30% interest, and a CIFI Holdings unit will own the remaining stake.

As of Oct. 5, US$1 was equivalent to 6.87 yuan.