Greenland Hong Kong Holdings Ltd. (337), a real estate unit of Chinese state-owned Greenland Holding Group Co., said it may create a venture to develop land it bought in Shanghai last month for 5.95 billion yuan ($983 million).
The company is in talks with a “reputable property developer” in China for the investment, according to a Hong Kong stock exchange filing yesterday. The company said it hasn’t yet set terms for the 50-50 joint venture or signed a definitive agreement. It didn’t identify the potential partner.
The company’s shares, suspended yesterday pending the announcement, will resume trading today in Hong Kong.