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Greentown agrees to co-develop 991.5M-yuan residential site in China

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Greentown agrees to co-develop 991.5M-yuan residential site in China

Greentown China Holdings Ltd. is developing a 991.5 million-yuan residential land parcel in the Nansha District of Guangzhou, China, with CCCC Urban Investment Holding Co. Ltd. and an unnamed independent third party.

The parties signed the cooperation deal for the property with a gross site area of approximately 45,234 square meters and a 2.04 overall floor area ratio on Jan. 4, according to the Hong Kong-listed Chinese developer.

Pursuant to the agreement, Hangzhou Greentown Zhizhen Investment Co. Ltd. is selling a 70% equity interest in its fellow Greentown China subsidiary, Hangzhou Zhaolian Investment Co. Ltd., to Guangzhou Junwei Real Estate Development Co. Ltd. for roughly 3.5 million yuan and another 30% stake to CCCC Urban for 1.5 million yuan.

The deal will also involve the transfer of Guangzhou Zhengjia Economic Information Consultancy Co. Ltd.'s 42.8% shareholding in Guangzhou Junwei to Greentown Huanan Investment Development Co. Ltd. and Guangzhou Junwei's 47.2% stake in Hangzhou Zhaolian to the unnamed independent third party. Considerations for both are nil as Guangzhou Junwei's registered capital has not been paid up.

Hangzhou Zhaolian, which will oversee the development of the Guangzhou site, will be respectively owned 30%, 40.04% and 29.96% by CCCC Urban, the unnamed independent third party and Greentown Huanan Investment Development Co. Ltd. once all stake transfers are completed, according to a filing.

As of Jan. 4, US$1 was equivalent to 6.87 yuan.