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Beijing Capital Land plans JV for Olympic project

(Reuters)
Updated: 2006-06-06 16:17

Chinese property developer Beijing Capital Land Ltd. plans to team up with Shenzhen-listed Super Shine Co. Ltd. to develop a residential and commercial property project in the Olympic Centre in Beijing.

Beijing Capital Land said in a statement late on Monday it would form a 70 percent-owned joint venture, with registered capital of about 900 million yuan (US$112.4 million), with the Chinese firm to develop the Morgan Centre in Beijing's Chaoyang District.

The project is expected to be completed by the end of 2007 and the company will fund its investment in the venture with internal resources, the company said.

Shares of Beijing Capital Land fell about 2 percent over the past two weeks to end at HK$2.475 on Monday.(US$=HK$7.8=8.005 yuan)