Gran Hui Kee Group (00610.HK) notice on November 30, 2021, Lujin Land (indirect wholly-owned subsidiary of Lujin Infrastructure) and Jiajian (indirect wholly-owned subsidiary of the company) entered into a participation agreement under which Lujin Land granted participation rights to Ka Jian in respect of the consideration. Enable Jiajian to enjoy the proportion of 32.5% of the economic interest (or 22.75% of the interest in the project) held by Lujin Real Estate through the project company Guangzhou Junxin Real Estate Development Co., Ltd.
The project refers to the development of the site and the sales and marketing of the units built on the site. The site is located in the 18102218A21094 plot on the south side of Xintang Avenue, Xintang Town, Zengcheng District, Guangzhou City, covering an area of 17676 square meters. The site is used for the development of residential properties with a total floor area of 63634 square meters.
The right to participate in investment provides the Group with the opportunity to integrate the project into and expand the Group's project portfolio, thereby generating returns for shareholders. The project is located in the residential development zone, close to a large number of schools, hospitals and commercial complex, connecting to the transportation network of Guangzhou. By making good use of the expertise of Lujin Infrastructure in the development and sale of residential property projects in Guangzhou, China, the Group can enjoy both a direct return on this investment and an indirect return as the controlling shareholder of Lujin Infrastructure.