CIFI Holdings Joins Henderson Land in Shanghai Property Project

By Joanne Chiu Features Dow Jones Newswires

CIFI Holdings (Group) Co. (0884.HK) has agreed to jointly develop a property project in Shanghai with Hong Kong-listed blue-chip developer Henderson Land Development Co. (0012.HK)

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CIFI Holdings said Friday that Henderson Land unit Henderson China Properties Ltd. will hold a 50% stake in Xu Chang Co., which owns a commercial property project in Shanghai with a planned total gross floor area of 44,481 square meters. CIFI will own the remaining 50% stake in Xu Chang.

CIFI and Henderson China have provided S$135.4 million Singapore dollars ($101.1 million) as their respective portion of advance to Xu Chang. It didn't disclose the total cost of developing the property project.

Write to Joanne Chiu at joanne.chiu@wsj.com

(END) Dow Jones Newswires

September 07, 2017 20:15 ET (00:15 GMT)