Sinarmas Land-Rongqiao Group joint venture to invest $44.7m in Taicang Rongguan Real Estate Development

The investment will boost Sinarmas Land’s property development footprint in China.

Sinarmas Land Limited has entered into a joint venture agreement with Rongqiao Group Co., Ltd and Taicang Rongguan Real Estate Development Co., Ltd relating to the Sinarmas Land’s $44.7m (RMB222.3m) investment in the Taicang Rongguan Real Estate Development Co.

Sinarmas Land Limited said that the investment will further strengthen its property development footprint in China and leverage on the strategic collaboration with Rongqiao.

The total investment amount was derived based on, inter alia, the group’s 30% share of the budgeted total investment into Taicang Rongguan Real Estate Development Co., including its registered capital.

Upon the completion of the equity transfer of 30% of Taicang Rongguan Real Estate Development Co. to Sinamas Land’s subsidiary Shining Gold Real Estate , it shall be regarded as an associated company of the Group.

Taicang Rongguan Real Estate Development Co., which is 100% owned by Rongqiao, was established on 19 October 2018 under the laws of the People’s Republic of China, to develop and construct a residential land with a land area of 49,358.6 square meters, located in Chengxiang Town, Taicang City, approximately 50km north-west of Shanghai Hongqiao International Airport.

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