A subsidiary of CCCG Real Estate Corp. Ltd based in Kunming, in the Yunnan province of China, is setting up a joint venture company with a local partner.
The CCCG unit will hold 70% of the vehicle, with its partner owning the remaining stake, according to a release.
The joint venture company, which holds registered capital amounting to 100.0 million yuan, will focus on property development and management, land regeneration, urban area development, hotel operations, real estate financing and property information services.
As of Dec. 11, US$1 was equivalent to 6.62 Chinese yuan.
