Greentown China Holdings' (HKG:3900) non-wholly owned subsidiary Greentown Real Estate Construction Management has signed an agreement with Sanya Huangzhuo Investment to offer project management services for a new project, according to a Tuesday filing.
Under the agreement, a new entity named ProjectCo, an indirect wholly owned subsidiary of China Communications Construction Company (CCCC), will be established.
Sanya Huangzhuo Investment will assign its rights and obligations under the agreement to ProjectCo through a supplemental agreement.
China Communications Construction Group (CCCG) and its subsidiaries hold 733.4 million shares, making up about 28.94% of Greentown China Holdings' issued share capital, classifying CCCG as a substantial shareholder.
CCCC, a non-wholly owned subsidiary of CCCG, indirectly owns 45% of Sanya Huangzhuo Investment, and upon ProjectCo's establishment, ProjectCo will be entirely owned by CCCC Ocean, making both Sanya Huangzhuo Investment and ProjectCo associates of CCCG.
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