Shanghai Oriental Pearl (SHSE: 600832) planned to set up a 34-66 joint venture with its related party Shanghai Forte Land (SEHK: 2337), with registered capital of CNY 50 million, to co-develop plot 2# in Wantou, Jiangbei District, Ningbo City.
With a total land price of CNY 450 million (excluding deeds), the plot is for residential use, with a total construction area of 49,000 square meters. The project is predicted to have a total investment of nearly CNY 800 million and generate net profits of CNY 55 million and return on equity of 36%.
Source:
http://www.sinocast.com/readbeatarticle.do?id=94977
