C&D International Investment Group Ltd.'s Xiamen Yi Yue Property Co. Ltd. signed an agreement with Beijing Shoukai Stock Co. Ltd. to establish a joint venture company that will undertake the development of a mixed-use land parcel in the city of Fuzhou in Fujian province, China.
The land parcel is zoned for development projects that include residential, commercial, transportation and public management, and public service. It spans 111,443.78 square meters and has an estimated planned plot ratio floor area of up to 334,331.34 square meters.
Pursuant to the deal, Xiamen Yi Yue and Beijing Shoukai will each contribute 300.0 million yuan of capital into the joint venture and the full stake will be equally divided between the duo.
The parties are still in talks regarding the development of the site and have yet to finalize the details of the cooperative development. The joint venture may still be dissolved if the parties fail to reach an agreement, according to a release.
As of Feb. 7, US$1 was equivalent to 6.27 yuan.
