C&D International Investment Group (HKG:1908) announced a restructuring of its land development project in Putian City, China, involving the introduction of new partners and a reallocation of equity stakes.
The project, initially announced on Dec. 26, 2024, involved a collaboration between several parties, including C&D subsidiary Xiamen Zhaochengyao Investment, to develop a residential and commercial project on a land parcel secured by Fuzhou Huicheng Baiyue.
Under the new agreement, Xiamen Zhaochengyao's rights and obligations will be transferred to another C&D subsidiary, Putian Zhaochengfeng Property. Furthermore, Putian Xinhua Property and Tianjin Shanghao Property will join the development as new partners.
The revised ownership structure of the joint venture sees Putian Zhaochengfeng holding a 27% stake, Putian Lianxintai with 34%, Putian Xinhua with 19.28%, Tianjin Shanghao with 13.72%, and Putian Zhuyuan with 6%.
Putian Zhaochengfeng's capital commitment will be about 161.1 million yuan. Xiamen Zhaochengyao, through its interest in Putian Zhaochengfeng, will hold a 21.06% interest in the joint venture.
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