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Modern Land subsidiary enters JV for development of residential site in China

Modern Land (China) Co. Ltd.'s Su Kun Green (Beijing) Real Estate Co. Ltd. entered into joint venture agreement with Suzhou Pingwang Urbanization Construction Development Co. Ltd. for the development of a land parcel in the Wujiang District of China's Jiangsu Province.

Su Kun Green agreed to contribute 477.7 million yuan to the venture, which will be used to subscribe for the registered capital of project company Suzhou Modern Original Green Real Estate Co. Ltd. and to repay shareholder's loan amounting to nearly 260.3 million yuan that was used as partial payment for the land parcel. The sum that Sun Kun Green pledged will also be used to pay for the land premium and the fixed earning of Suzhou Pingwang.

The approximately 38,371.4-square-meter site is intended for residential use, and pursuant to the agreement, Suzhou Pingwang will transfer the land use rights on the land parcel to Suzhou Modern.

As of Sept. 10, US$1 was equivalent to 6.86 yuan.