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China Merchants, Poly Real Estate units sign project development deal in China

China Merchants Land Ltd.'s Guangzhou Merchants Property Development Ltd. entered into a cooperation deal with other parties to participate in the development of a residential site in China's Guangdong province.

The approximately 123,918-square-meter site was won by Poly Real Estate Group Co. Ltd. subsidiary Guangzhou Jindi Property Development Ltd. through a bidding process and it established project company Guangzhou Chengpin Real Estate Co. Ltd. to develop the plot.

Under the cooperation agreement, Guangzhou Merchants; Guangzhou Jindi; and another joint venture partner, Jinmao Investment Management (Tianjin) Co. Ltd., will shoulder the land cost of 2.34 billion yuan and related expenses to acquire the site. The amount of contribution the three will pay will be based on their respective shareholding proportions of 25%, 50% and 25% in Guangzhou Chengpin. The China Merchants group's estimated total contribution will be approximately 1.23 billion yuan, to be funded using internal resources.

The land parcel is in the Conghua District of Guangzhou city in China and has an up to 309,094-square-meter gross floor area. The site has been zoned for second-category residential development.

As of July 27, US$1 was equivalent to 6.81 yuan.