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Jan
31
Developer Gemdale: To Set Up 50-50 China Property JV With UBS
January 31, 2008 |
Developer Gemdale: To Set Up 50-50 China Property JV With UBS
Last Update: 1/31/2008 7:41:46 PM
HONG KONG (Dow Jones)–Chinese property firm Gemdale Corp. (600383.SH) said
Friday it plans to set up a 50-50 joint venture with UBS AG (UBS) to develop
property projects in China.
Gemdale said in a statement the joint venture, which will be registered overseas,
will have an initial registered capital of between US$200 million and US$300
million.
Gemdale said the venture will have preferential rights to develop the company’s
future property projects in China.
The plan will need to be approved by Gemdale’s shareholders, it said.
-By Aries Poon, Dow Jones Newswires; 852-2832-2332; aries.poon@dowjones.com
(END) Dow Jones Newswires
January 31, 2008 19:41 ET (00:41 GMT)
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