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Beijing Capital Land : BJ Capital Land woos CIFI (884) for Shanghai project

03/18/2015 | 01:45am US/Eastern

[ET Net News Agency, 18 March 2015] Beijing Capital Land (02868) and CIFI Holdings

(00884) said they agreed to inject Rmb50 million into the registered capital of project

company Shanghai Shoujia Property Company Limited.

Beijing Capital Land's equity interest in the project company will, upon completion of

the capital injection, be reduced to 60% of the enlarged registered capital of the project

company. CIFI Holdings will hold the remaining 40% stake.

CIFI (PRC) will be committed to take up the existing shareholder's loan(s) up to Rmb546

million, being 40% of the total existing shareholder's loan(s) of Rmb1,365 million for

financing the acquisition of land, based on its pro-rata obligation to the project company

to fund the development of the site.

The project company is solely engaged in the development of residential properties in

the site located at the west side of Shengxin North Road and the north side of Huiyuan

Road, Jiading Industrial Zone, Jiading District, Shanghai, with a total site area of

123,089.5 square metres and total planned gross floor area of 246,179 square metres. (HL)

(c) 2015 ET Net Limited. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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