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Greentown China forms JV to develop properties in northeastern China

Greentown China Holdings Ltd. formed a joint venture to develop commercial and residential properties above stations along Harbin Metro Line 3 in northeastern China.

Greentown China said in a Sept. 24 statement that it owns 46% of the venture and will invest 20.7 million yuan as initial capital.

Harbin Metro Real Estate Development Co. owns 44% of the venture and CCCC Northeast Investment Co. holds the remaining 10% interest, the statement added.

As of Sept. 24, US$1 was equivalent to 7.12 Chinese yuan.