Greentown China Holdings Ltd. agreed to acquire a 40% stake in a local developer in eastern China for up to 420.2 million yuan.

The local developer, Zhejiang Yinrun Bluetown Real Estate Development Co. Ltd., has rights to develop the 645,493-square-meter Huzhou Anji Angel Town Project in Zhejiang province, according to a Dec. 24 release.

The project will be developed into residential properties, schools and commercial properties, according to the release.

As of Dec. 24, US$1 was equivalent to 7.01 Chinese yuan.