Guangzhou Pearl River Industrial Development Co. Ltd. injected 30.4 million yuan into a real estate developer based in the southern Chinese city of Kaiping.
The company's board of directors have approved a total investment of up to 430.0 million yuan that can be made to up its stake in the target company.
Together with the target company, Guangzhou Pearl River will work on a development in Zhongshan city, also in south China, according to a release. The 25,415.16-square-meter site has been zoned for residential and commercial development, and the joint venture's land use rights over the plot will run until May 14, 2068.
As of Feb. 14, US$1 was equivalent to 6.34 yuan.