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C&D International unit forms 1.20B yuan JV with 2 partners for Guangzhou project

C&D International Investment Group Ltd.'s Xiamen Yi Yue Property Co. Ltd. subsidiary is establishing a 64/18/18 joint venture with The Wharf Property (Guangzhou) Co. Ltd. and Guangzhou Changzheng Real Estate Development Co. Ltd. to develop a residential site in Guangzhou, China.

Xiamen Yi Yue committed approximately 2.57 billion yuan for the proposed joint venture that will have total initial registered capital of 1.20 billion yuan. Aside from contributing 768.0 million yuan for the initial capital, Xiamen Yi Yue will also lend nearly 1.81 billion yuan to the vehicle. For their part, The Wharf and Guangzhou Changzheng will each provide 216.0 million yuan for the initial capital, and also contribute to the remaining amount for the 2.82 billion yuan loan the trio are extending to the joint venture.

Xiamen Yi Yue, in proportion to its equity interest, has the right to appoint three of the five directors in the joint venture, with the other two partners able to elect one each. Once created, the entity will become an indirect C&D International subsidiary.

Within 10 business days upon its creation, the joint venture will hold the Guangzhou site, which was awarded to Xiamen Yi Yue in January after it successfully bid an estimated 4.02 billion yuan for the land use rights of the plot.

The Guangzhou plot has a total site area of roughly 45,559 square meters and an estimated gross floor area spanning not more than 134,286 square meters. The site has been designated for residential purposes for a 70-year term. Construction is scheduled to begin prior to July 9, 2019, and be finished by July 9, 2022.

As of June 11, US$1 was equivalent to 6.40 Chinese yuan.