China Resources Land Ltd. said a joint venture between its subsidiary and Shenzhen Investment Holding Co. Ltd. plans to relocate the Sungang Cold Storage Warehouse in Luohu District, Shenzhen, China, for 1.39 billion Chinese yuan.
Shenzhen Sungang China Resources Land Development Co. Ltd. and Shenzhen Investment signed a March 31 deal with China Resources Ng Fung Meat Products (Shenzhen) Co. Ltd. for the planned transfer.
The relocation is part of an urban renewal plan for the cold storage facility that has a total gross floor area of 90,772.55 square meters. The joint venture seeks to relocate the the facility as an important step for the urban renewal plan, while allowing China Resources Land to seize opportunities for urban development.
China Resources Land and its subsidiaries plan to use internal resources to fund the compensation to China Resources Ng Fung Meat Products.
As of March 31, US$1 was equivalent to 6.89 Chinese yuan.