BRIEF: Jinmao secures three investors to fund Beijing land purchase
Property developer China Jinmao Holdings Group Ltd. (0817.HK) said on Tuesday that Jiaxing Chengmao, Yangzhou Xida and Qingdao Yuanpu won the bidding to help fund Jinmao’s purchase of a land plot in Beijing. The companies invested 817 million yuan ($113.7 million), 314 million yuan and 400 million yuan, respectively, giving them stakes of 32%, 12.3%, and 15.7%. Jinmao invested 1 billion yuan in the project, lifting its own equity position to 40%.
Situated in Beijing’s Fengtai district, the site spans approximately 33,300 square meters and is designated for residential use. With a plot ratio of 2.17, it will yield up to 72,100 square meters of total gross floor area. Jinmao acquired the plot for about 4 billion yuan in 2024.
The company said that it can make full use of market resources and diversify its own funding risks by introducing partners to fund the purchase, which is in line with its strategy.
Shares of Jinmao opened flat at HK$1.10 on Wednesday. The stock is down nearly 40% from its 52-week high.
By Lau Chi Hang
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