Developer Future Land sets up joint ventures for Nanjing and Suzhou sites

Future Land Development Holdings has set up two joint ventures to develop two sites in Nanjing and Suzhou that will require a total land premium of 3.82 billion yuan (HK$4.83 billion).

The developer, in a filing to the stock exchange on Friday, said the Nanjing site would be held by a joint venture between subsidiaries Gongmi Industrial and Future Land Wanjia. The land premium is 3 billion yuan.

Gongmi will invest 300 million yuan for its 30 per cent stake in the joint venture, while Future Land Wanjia will hold the balance.

The site in Nanjing will yield a total gross floor area of 368,801 square metres.

Separately, the group announced it will sell a 32 per cent stake in its plot in Suzhou to property fund Shanghai Gefei Pengbin Investment for 600 million yuan. The remainder will be held by two subsidiaries of the group, Suzhou Chuangjia and Kunshan Chuanghong.

The Suzhou site will yield a total gross floor area of 267,369 square metres, with a land premium of 820 million yuan to be paid.