China Overseas Land & Investment, the Hong Kong-listed flagship of the mainland construction ministry, said it was teaming up with a JP Morgan real estate fund to develop a US$230 million project in the Luwan district of Shanghai.
The developer said it had sold to the United States company for US$67 million a 50 per cent stake and shareholders' loan in a company called Big Profit Enterprises, which owns the land-use rights of the site covering an area of 24,705.4 square metres. China Overseas did not disclose plans for the project but said the formation of the joint venture was in line with the current strategy of the company to bring in partners for developments.