Property developer CIFI Holdings has signed a joint venture agreement with Hongkong Land China Holdings to construct large-scale, prime, mixed-use property project in Shanghai, China.
Under the deal, the firms will have 50:50 share in the property development, at Lujiazui (Yangjing Community) in the Pudong New District.
The Shanghai Lujiazui project is strategically located within the inner-ring road in the city, at the intersection between Zhangyang Road and Boshan Road in the Pudong District.
A land consideration of RMB4.175bn ($683.1m) was required for the site, which was auctioned last September.
The mixed-use development will span nearly 87,180m² and have a total planned plot ratio above-ground GFA of approximately 227,000m².
Shanghai Lujiazui has an allocation of 30,000m², 75,000m² and 120,000m² for planned residential, office and commercial usage.
CIFI chairman Lin Zhong said: "Hongkong Land is one of Asia's longest established property groups.
"CIFI will leverage Hongkong Land's strong experience in developing and managing commercial properties. We are very excited about the opportunity of partnering with another leading blue-chip property developer in Asia, and we look forward to our joint development of the next-generation landmark property at a prime location within the inner ring road of Shanghai."
Hongkong Land China is a wholly owned subsidiary of property investment, management and development firm Hongkong Land Holdings.