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C&D International unit signs JV deal for 458M yuan land buy in China

C&D International Investment Group Ltd. subsidiary Xiamen Yi Yue Property Co. Ltd. signed a joint venture deal with Suzhou Junfengchang Real Estate Development Co. Ltd. to set up Suzhou Jianhe Real Estate Development Co. Ltd. for the joint acquisition of a mixed-use site in Suzhou, China.

Xiamen Yi Yue and Suzhou Junfengchang will own respective interests of 55% and 45% in Suzhou Jianhe Real Estate, which was established to purchase from the Suzhou Land Bureau the land use rights on the 22,256-square-meter land plot. The land parcel, zoned for commercial service and urban residential purposes, was won by Xiamen Yi Yue during a land auction in February with its 458.4 million yuan winning bid.

The partners will inject a total of 100.0 million yuan into the joint venture's capital, as well as an approximately 358.4 million yuan shareholders' loan, according to a filing.

As of March 23, US$1 was equivalent to 6.31 yuan.