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New World Development plans 14.5B yuan investment in Shenzhen projects

New World Development Co. Ltd. plans to invest approximately 14.52 billion Chinese yuan in joint venture vehicles for the acquisition and development of four land parcels at the Prince Bay area in Shenzhen, China.

The joint ventures comprise an offshore agreement and onshore deal for the acquisition of the property through public sales-by-tender. Through its subsidiaries, New World will invest roughly 9.16 billion yuan for the offshore arrangement.

The company said it will contribute approximately 5.36 billion yuan to the onshore deal. Funding for the transactions will include shareholder's loans and loans from financial institutions.

The four land parcels comprise the GL Land and ER Land plots, where commercial properties will be developed for long-term investment purposes, and SD Land and LW Land, where a mix of commercial offices and serviced apartments will be developed for sale.

For the offshore joint venture portfolio, GL Land has a site area of 32,581.85 square meters, while ER Land's site area spans 33,349.39 square meters. The onshore projects, SD Land and LW Land, occupy site areas spanning 13,951.80 square meters and 14,054.52 square meters, respectively.

As of Dec. 8, US$1 was equivalent to 6.88 Chinese yuan.