Development joint venture

BEIJING Development (Hong Kong) has agreed to set up a joint venture through wholly owned Royder Investments with state-owned Beijing Jing Hua Trust and Investment.

Beijing Jing Hua has agreed to transfer to the venture the legal title and accompanying land use rights for the third floor and part of the second floor of a development in Beijing.

Royder will own 95 per cent and Beijing Jing Hua the other five per cent of the venture, called Beijing Development Property Investment and Management. The venture will have share capital of US$4 million.