Greenland Hong Kong Holdings Ltd.'s Glory Creation Group Ltd. subsidiary is forming a joint venture with Changzhou Heimudan Property Co. Ltd. for the development of a nearly 1.03-billion-yuan site in Changzhou, China.
Through Changzhou Mudan Hongdu Real Estate Co. Ltd., the joint venture partners will develop a roughly 85,024-square-meter land parcel with a permissible plot ratio of between 1.0 and 4.0. The property can be used for residential purposes for 70 years and for wholesale and retail use for 40 years, according to a filing.
The Hong Kong-listed property company is expected to invest up to 838.4 million yuan to the project that will take up to four years to complete, Greenland Hong Kong noted.
As of Sept. 2, US$1 was equivalent to 7.17 Chinese yuan.
