A subsidiary of Risesun Real Estate Development Co. Ltd. signed an agreement with the local Yutian People's Government authorities for the development of a site surrounding a new high-speed railway line in the county of Yutian, Tangshan, China.

The partnership will span a period of 20 years, with an option to extend it to 25 years.

The Risesun unit will take charge of the construction and development of the 10-square-kilometer site, while the government body will take charge of land planning and the necessary approvals required for the project.

As of Oct. 17, US$1 was equivalent to 6.62 yuan.