Agile Group Holdings Ltd. and four of its subsidiaries on Dec. 18 signed a conditional agreement to establish a joint venture with Shenzhen City Shenglu Enterprise Management Co. Ltd. for the development of seven land parcels in China.

Shenzhen City Shenglu agreed to pay 733.5 million yuan to two Agile Group subsidiaries for a 15% stake in the development project company, Huizhou Bailuhu Tour Enterprise Development Co. Ltd., while Agile and its subsidiaries will hold the remaining 85% interest in the company.

Shenzhen City Shenglu will also contribute 932.6 million yuan to the joint venture, which will develop a total site area of 580,524.38 square meters.

As of Dec. 18, US$1 was equivalent to 7.00 yuan.