China State Construction Engineering Corporation (601668.SH) announced that the seventh meeting of its fourth board of directors reviewed and approved the "...".
According to Zhito Finance APP, China State Construction Engineering Corporation (601668.SH) announced that the seventh meeting of its fourth board of directors reviewed and approved the proposal regarding the real estate development project for the land parcel at Huaqing Road, Nanshan District, Shenzhen by China Overseas Development Co., Ltd. (referred to as China Overseas Development, 00688.HK), allowing its subsidiary to invest in this project. Recently, China Overseas Development's subsidiary, China Overseas Enterprise Development Group Co., Ltd. (referred to as China Overseas Enterprise Development), formed a consortium with Shenzhen Runtou Consulting Co., Ltd. (referred to as Shenzhen Runtou) and has obtained the land use rights for the project.
The project is located in Nanshan District, Shenzhen, covering a total area of approximately 0.0386 million square meters and a total construction area of approximately 0.263 million square meters. The planned uses include commodity residences, business apartments, and commercial areas, with a land transfer price of 18.512 billion yuan. China Overseas Enterprise Development and Shenzhen Runtou will establish a project company with a 50%:50% equity ratio to jointly develop this project. Winning the land use rights and investing in development will enhance the company's influence, leadership, and brand appeal in the Shenzhen market, helping the company to deepen its engagement in Shenzhen's real estate development market.
