China State Construction Engineering (SHA:601668) said subsidiary China Overseas Land & Investment (HKG:0688) will invest in the real estate development project of Dengliang road, Houhai, Nanshan district in Shenzhen.
The right to use the land, which has a total area of about 38,600 square meters and total gross floor area of about 263,000 square meters, was obtained for 18.5 billion yuan, according to a Monday filing with the Shanghai bourse.
China Overseas Land & Investment and Shenzhen Runtou will establish a 50/50 joint venture to develop this project. Planned use for the land includes commercial housing, apartments and properties.
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