Centurion Corporation's (SGX:OU8) indirect wholly owned subsidiary, Centurion China Investments, entered into a cooperative framework agreement with Xiamen City Home Apartment Management to establish two joint venture companies, according to a filing with the Singapore Exchange on Monday.

Under the agreement, the two JV companies will retrofit, renovate and operate build-to-rent residential accommodation in Xiamen, China.

Centurian China and City Home will have 51% and 49% equity stake respectively in the project.

Both parties have earmarked two projects with a total of around 1,500 apartments.

Shares of the accommodation assets builder were down nearly 4% in recent trading.

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