Ryoden Development says its 60 per cent subsidiary, Shanghai Winning Property Development, has agreed to enter a property management contract with Zhonghai Property Management (Shanghai), a wholly-owned subsidiary of red chip China Overseas Land & Investment. The five-year contract is for the management of a property in Shanghai with annual remuneration payable to Zhonghai of about $2.29 million, the company said. China Overseas is a substantial shareholder of the company.