Chiwayland enters JV to develop residential project in Wuhan

SINGAPORE Exchange mainboard-listed Chiwayland International, together with its subsidiaries, announced on Thursday that it has entered into a 49:51 joint venture (JV) agreement with real estate developer, Modern Green Development Co Ltd, to develop a residential project on a 13,270 square metre land parcel in Jianghan, one of the urban core districts of Wuhan.

Under the JV, Chiwayland and Modern Green will contribute in full its share of the registered capital at 4.9 million yuan and 5.1 million yuan respectively. The development is expected to comprise high end residential apartments with a plot ratio of 3.0.

Qian Jianrong, executive chairman and CEO of Chiwayland, said: "It is imperative for us to stay dynamic and adapt quickly to these fast-changing market conditions. We will tap on the cities that yield attractive returns for the Group, and we remain optimistic of our prospects in the growth cities."