Greenland HK in JV for Shanghai project
It will partner China Resources Land in the development
Add BT as a preferred source[NEW YORK] Greenland Hong Kong Holdings, a property unit of Chinese state-owned Greenland Holding Group Co, will join with China Resources Land to develop land it bought last month for 5.95 billion yuan (S$1.25 billion).
The companies will form a 50-50 venture for the site in Shanghai's Huangpu district, Greenland said in a Hong Kong stock exchange filing on Tuesday. China Resources will pay US$1 for the stake and assume half the project costs.
"The strategic alliance between the company and China Resources in the project will enable the group to have more flexibility in deploying its financial resources," Greenland said in the filing.
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