Minmetals Land, a listed arm of metals trading company China Minmetals of which the president is Zhang Shoulian, has formed a joint venture with German investment fund ASPF II Theta to develop a 70,833 square meter residential project in Nanjing, Jiangsu province.
The joint venture, in which Minmetals Land and ASPF II hold 51.47% and 48.53% stake respectively, will spend RMB 884.8 million for a 98.88% stake in the project. China Minmetals will take the remaining 1.12%.
Minmetals Land is mainly engaged in real estate development and specialized construction.
During the first half of this year, net profit of Minmetals Land fell 84% year-on-year.
Source: China Knowledge