Zhitong Financial App News, Lujin (01098) announced that on November 30, 2021, Lujin Land, an indirect wholly-owned subsidiary of the company, entered into a participation agreement with Jiajian, an indirect wholly-owned subsidiary of Huiji (00610). Lujin Land granted participation rights to Jiajian in respect of the consideration. Enable Jiajian to enjoy the proportion of 32.5% of the economic interest (or 22.75% of the project) held by Lujin Real Estate through the project company Guangzhou Junxin Real Estate Development Co., Ltd. (or 22.75% of the project), but it can only be confirmed after the condition has been reached. The consideration includes about RMB 180 million and related interest.
It is reported that the project company is mainly engaged in the development of the site. The site is located in the 18102218A21094 plot to the south of Xintang Avenue, Xintang Town, Zengcheng District, Guangzhou City, covering an area of about 17700 square meters. The site is used for residential property development, with a total floor area of about 63600 square meters. The site was awarded to Foshan Junzhi Real Estate Development Co., Ltd., a project holding company, by public auction on September 26, 2021.