MIN Xin Holdings has agreed to invest $69.5 million in a land deal in Hangzhou, Zhejiang province.

The company will take a 19 per cent interest in a development based on a 93-hectare residential site with a 70-year permit.

The other partners in the deal are Fujian Investment and Enterprise and three independent third parties.

The total premium for land use rights over the site in the Jinggan area is US$24.2 million, with US$15.8 million and 39 million yuan (about HK$48.49 milion at official rates) payable for infrastructure.