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C&D International subsidiary pledges 600M yuan for Shenzhen JV project

C&D International Investment Group Ltd., through its Xiamen Yi Yue Property Co. Ltd. subsidiary, committed about 600.0 million yuan for the joint development of a roughly 650.0 million-yuan commercial project in Shenzhen.

Xiamen Yi Yue will be using loans from C&D International's controlling shareholder to finance its pledge to its development partner, Shenzhen Mingju Nanzhuang Real Estate Co. Ltd., according to a filing.

Aside from the financial assistance, the C&D International subsidiary will also provide the operation team and brand support to the development, while Shenzhen Mingju will supply the land for the project.

The deal gives Xiamen Yi Yue the authority to appoint three of Shenzhen Mingju's five directors. It will also gain the right to request settlement for when the sold plot ratio floor area of the Shenzhen project reaches 90% with respect to the total saleable plot ratio of the development.

The property intended for the joint development has an estimated construction site area of 8,415.61 square meters and a planned commercial plot ratio of roughly 50,820 square meters.

As of Sept. 3, US$1 was equivalent to 6.82 yuan.