Greentown China Holdings Ltd. subsidiary Fuzhou Lurong Investment reached an agreement with CCCC Haixi Investment Co. Ltd. and Fuzhou Metro Property Co. Ltd. to develop a mixed-use project in the Cangshan District of Fuzhou, China.
The companies will jointly develop the site through a 800 million-yuan project company on a 80:10:10 ownership basis, after acquiring the land use rights from Fuzhou Municipal Bureau of Land and Resources for about 1.84 billion yuan.
The site, which spans about 49,489 square meters, will be developed into residential properties, offices and commercial properties.
CCCC Haixi Investment is a nonwholly owned subsidiary of state-owned China Communications Construction Group Ltd., which holds a roughly 28.82% stake in Greentown.
As of Dec. 19, US$1 was equivalent to 6.89 yuan.