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C&D International unit pledges 280M yuan for joint development of Chinese land

C&D International Investment Group Ltd.'s Xiamen Yi Yue Property Co. Ltd. subsidiary committed approximately 280.0 million yuan for the joint development of a scarce residential land in Zhuhai, China, with an estimated value of 403.0 million yuan.

Xiamen Yi Yue will develop the site with Zhuhai Doumen Huiye Real Estate Development Co. Ltd. through a 51/49 joint venture. The development plot has a total site area of about 26,707 square meters and an anticipated aggregate saleable floor area of 45,000 square meters.

Aside from initial commitments, the joint venture partners will also provide follow-up development and operational funds for the project. Xiamen Yi Yue's contribution to the venture will be financed using loans from C&D International's controlling shareholder, according to a filing.

Pursuant to the joint venture agreement, Xiamen Yi Yue has an option to request for pre-settlement of the working capital it will provide once the residential component of the project is 80%-sold.

As of May 18, US$1 was equivalent to 6.38 yuan.