Greenland Hong Kong Holdings Ltd. (337), part of Chinese state-owned Greenland Holding Group Co., announced yesterday that it will partner with fellow state-run developer, China Resources Land Ltd. (1109) to develop a Shanghai site it bought last month for 5.95 billion yuan ($985 million).
According to a statement filed with the Hong Kong Stock Exchange, the two companies will form a 50-50 venture for the site in the city’s Huangpu district.